Is 80K CAD annual income in TORONTO enough for the family of 4?

[minijh2005]

I would be moving to Toronto soon with my 2 kids (under 10) and spouse with single income for sometime. Would 80K CAD be enough for a decent lifestyle ?

Please advise.

TIA

 

[mahi2020]

no, you will have difficult time, 2bed-room rent starts at 2200$ in toronto.

I have seen ppl using their home country savings even after having a job for 1 year in Toronto.

Calgary/Montreal you shd be fine.

 

[subodhp]

I would be moving to Toronto soon with my 2 kids (under 10) and spouse with single income for sometime. Would 80K CAD be enough for a decent lifestyle ?

Please advise.

TIA

You will earn around 4k per month post tax. Expect to spend almost half of it in rent and commute and utilities. Another 25 % for food. That leaves about 1k for everything else.

You will definitely need some discipline to limit your spare expenses to generate any savings at all. You will be hard pressed to make any big ticket purchase and there would be a big impact from losing job.

If you plan to manage with some of your existing savings, it might work for a bit, a second income would definitely help.

If your kids are small, consider day care expenses as well.

 

[hamgha]

I would be moving to Toronto soon with my 2 kids (under 10) and spouse with single income for sometime. Would 80K CAD be enough for a decent lifestyle ?

Please advise.

TIA

I doubt. Why single income? Your spouse could try working part time while kids are in school

 

[canuck78]

no, you will have difficult time, 2bed-room rent starts at 2200$ in toronto.

I have seen ppl using their home country savings even after having a job for 1 year in Toronto.

Calgary/Montreal you shd be fine.

You may no find the same salaries and jobs in Calgary. Depending on your job you may need French. Lower cost of housing could also lower salary. One needs to look where the jobs are and what the housing costs are in that area. Picking a city out of the blue makes no sense. Arrive in Canada ready to move wherever you can get a good job or do a ton of research to determine where your chances of getting employed are the highest and look at the cost of living in those cities.

 

[Kumuluswolken]

80k for 4 people is cutting it very close in Toronto. If by "decent lifestyle" you mean living downtown with short commutes in a nice, new, 2 bedroom condo with parking (and having a car to do weekend trips), being able to go out for dinner and/or cinema at least once a week and still be able to put money into savings you'll have a very hard time. Don't think that'd be possible. You'll have to make compromises in one or the other area.
For example getting a place in Scarborough and having a longer commute if you want to go downtown, not having a car, not going for a new condo, but a basement apartment etc.

 

[canuck78]

80k for 4 people is cutting it very close in Toronto. If by "decent lifestyle" you mean living downtown with short commutes in a nice, new, 2 bedroom condo with parking (and having a car to do weekend trips), being able to go out for dinner and/or cinema at least once a week and still be able to put money into savings you'll have a very hard time. Don't think that'd be possible. You'll have to make compromises in one or the other area.
For example getting a place in Scarborough and having a longer commute if you want to go downtown, not having a car, not going for a new condo, but a basement apartment etc.

Would add that travel home at least once a year will also likely be out at 80K.

 

[navinball]

For a family of 4 you need about 150k in toronto to afford a decent lifestyle

 

[keesio]

80K is doable but you won't be living anywhere near downtown.

 

[piedpiper]

It is possible if you live outside Toronto & commute to work everyday. You have to closely monitor your expenses.

 

[winterdiva]

For a family of 4 you need about 150k in toronto to afford a decent lifestyle

Pls can you explain ?