FSW WORLDWIDE

[Rish92]

That depends on where you live.As any country US is also not free from racism but not in the scale of aus.

I think US racism is still thinly veiled, Australia on the other hand…. Lol…. People randomly will tell u to duck off to ur country… mate

 

[slavicgirl]

Discussed this many times here and I'm not doing it again. TL;DR STEM job market is very small (other than software & IT) in Canada outside of Ontario. QC doesn't count since QC isn't Canada.

Understood.
What do you think would be the "ideal" amount of gross household income per year in GTA that is sufficient enough to provide a decent life for two people?

 

[Deleted member 1050918]

Understood.
What do you think would be the "ideal" amount of gross household income per year in GTA that is sufficient enough to provide a decent life for two people?

Your ideal is different than my ideal so what you're getting is a general idea from some stranger online. I never lived in GTA but Vancouver is probably more expensive so you can figure from my living experience in Vancouver. For a single person (I'll switch to two people from this in a bit) I'd say $65,000 / year gives you the typical "new grad got his/her first job" life. You can rent your 1 bedroom apt, eat really well, have money to buy electronics and such, have enough money for hobbies and social life, and quite possibly save up a bit and buy a decent 2nd hand car in a year or so. Your spouse could get a minimum wage job (about $2100 / month) and split the rent with you without going bankrupt themselves - so thats $25,000 / year from your spouse. Add it all up and you're looking at $90,000 / year for two people living quite a comfortable life in a 1 bedroom apt in Vancouver (probably similar in GTA).

You can't buy a house or invest into your retirement with that kinda income though. Go look up mortgages for 2 bedroom apts (1 bedroom won't work when you have kids) and calculate for yourself. As I said, $90,000 / year only gets you the new grad life, nothing more. (You could possibly make it work with $80,000 / year too but yeah that's what you're getting)

Btw $ = Canadian dollars

 

[slavicgirl]

Your ideal is different than my ideal so what you're getting is a general idea from some stranger online. I never lived in GTA but Vancouver is probably more expensive so you can figure from my living experience in Vancouver. For a single person (I'll switch to two people from this in a bit) I'd say $65,000 / year gives you the typical "new grad got his/her first job" life. You can rent your 1 bedroom apt, eat really well, have money to buy electronics and such, have enough money for hobbies and social life, and quite possibly save up a bit and buy a decent 2nd hand car in a year or so. Your spouse could get a minimum wage job (about $2100 / month) and split the rent with you without going bankrupt themselves - so thats $25,000 / year from your spouse. Add it all up and you're looking at $90,000 / year for two people living quite a comfortable life in a 1 bedroom apt in Vancouver (probably similar in GTA).

You can't buy a house or invest into your retirement with that kinda income though. Go look up mortgages for 2 bedroom apts (1 bedroom won't work when you have kids) and calculate for yourself. As I said, $90,000 / year only gets you the new grad life, nothing more. (You could possibly make it work with $80,000 / year too but yeah that's what you're getting)

Btw $ = Canadian dollars

Thanks. I was just wondering and calculating (rent, food, other expenses). But it is quite hard doing that from the other side of the world. 120K is realistic for us yearly in GTA. Looks like it can provide a comfortable life. Hopefully we will get that ITA soon.

 

[Deleted member 1050918]

Thanks. I was just wondering and calculating (rent, food, other expenses). But it is quite hard doing that from the other side of the world. 120K is realistic for us yearly in GTA. Looks like it can provide a comfortable life. Hopefully we will get that ITA soon.

120K is decent; surely you won't be stuck with the new grad life. But I'm not sure how much it helps with buying a house, raising kids and saving for retirement; that's probably not enough. If you're in software or IT I'd suggest move to Alberta, cheaper and prettier and you get to enjoy it if you have a good job.

 

[slavicgirl]

120K is decent; surely you won't be stuck with the new grad life. But I'm not sure how much it helps with buying a house, raising kids and saving for retirement; that's probably not enough. If you're in software or IT I'd suggest move to Alberta, cheaper and prettier and you get to enjoy it if you have a good job.

In case I can work in my field after working a year or two in an entry level job this 120K household income can realistically jump to 140-150K. That sounds all right to me. Alberta and BC is nice but as our family is in Europe we would prefer to stay closer to them physically and timezone wise as well.

 

[RSub]

Guys I just had a question for POF. I've recently invested a significant chunk of my funds in crypto. Can I use my crypto holding as qualifying funds? Will a wallet statement be considered proof?

Absolutely not. If there is one this IRCC was always clear about, its what type of funds they accept.

 

[RSub]

Interesting question! I also wonder that. The requirement of PoF is funds readily available. A "weirdo" VO will claim that crypto cannt be easily converted into "real" currency and depends upon ability of market to buy it, this means it is more of a commodity and less of a cash based security. I mean it feels like buying gold. Only way to get dollars out of it is to sell it first and that means a market ready to buy it and for the value you claim.

VO is not weirdo. Cryptos and Stocks are highly volatile. They can go valueless in seconds.

 

[Timbuktu_14]

120K is decent; surely you won't be stuck with the new grad life. But I'm not sure how much it helps with buying a house, raising kids and saving for retirement; that's probably not enough. If you're in software or IT I'd suggest move to Alberta, cheaper and prettier and you get to enjoy it if you have a good job.

Lol, you guys are calling these huge sums like some meagre pennies. I know people that earn $60k p/a, they are living in their own house, pay mortgages conveniently and drive very good cars. You will be fine with $60k per year if you don't bite more than you can chew.

That's not to say we should settle though.

 

[slavicgirl]

Lol, you guys are calling these huge sums like some meagre pennies. I know people that earn $60k p/a, they are living in their own house, pay mortgages conveniently and drive very good cars. You will be fine with $60k per year if you don't bite more than you can chew.

That's not to say we should settle though.

I mean i can understand what Kangaroo is saying regarding buying a house/flat. Really really expensive. But comparing house price and income ratios, well it is still cheaper to buy a flat in Canada earning Canadian salary than to buy a house/flat here where we live earning the salary what we currently earn..

 

[Deleted member 1050918]

Lol, you guys are calling these huge sums like some meagre pennies. I know people that earn $60k p/a, they are living in their own house, pay mortgages conveniently and drive very good cars. You will be fine with $60k per year if you don't bite more than you can chew.

That's not to say we should settle though.

60K / year gross is 45K / year net or 3750 / month net in Ontario: https://ca.talent.com/tax-calculator?salary=60000&from=year&region=Ontario

Say the house is $600,000 (NO WAY you could get a 2 bedroom for this; only a decent 1 bedroom but anyway). With 5% down payment and 25 year amortization, below is your mortgage:

$2550 / month. Your friend has $1200 / month left for everything else and this is not what I call "comfortable". New grads in BC start at $65,000 / year. Do you see new grads buying houses anywhere? No. Why? Well, look at the numbers. No bank will give you that kind of money if you're barely surviving even for a 1 bedroom.

For a proper adult life (2 bedroom house or bigger, nice car, overall financial comfort, kids, retirement etc) you need $100K-110K at the very least. You know, this is the sad thing about Canada. It forces you to a minimal life even before you've immigrated lol. My friends in the US in their early 30s now have never even seen 5 figures; but 6 figures is a big deal for Canada and Canadians because the economy is shit (would be even worse if they didn't have rich natural resources out of pure chance).

 

[navinball]

Lol, you guys are calling these huge sums like some meagre pennies. I know people that earn $60k p/a, they are living in their own house, pay mortgages conveniently and drive very good cars. You will be fine with $60k per year if you don't bite more than you can chew.

That's not to say we should settle though.

These 'people you know' probably live under a highway overpass and push shopping carts. That's all you can afford for 60k.

 

[Deleted member 1050918]

These 'people you know' probably live under a highway overpass and push shopping carts. That's all you can afford for 60k.

You a citizen yet?

 

[slavicgirl]

60K / year gross is 45K / year net or 3750 / month net in Ontario: https://ca.talent.com/tax-calculator?salary=60000&from=year&region=Ontario

Say the house is $600,000 (NO WAY you could get a 2 bedroom for this; only a decent 1 bedroom but anyway). With 5% down payment and 25 year amortization, below is your mortgage:

$2550 / month. Your friend has $1200 / month left for everything else and this is not what I call "comfortable". New grads in BC start at $65,000 / year. Do you see new grads buying houses anywhere? No. Why? Well, look at the numbers. No bank will give you that kind of money if you're barely surviving even for a 1 bedroom.

For a proper adult life (2 bedroom house or bigger, nice car, overall financial comfort, kids, retirement etc) you need $100K-110K at the very least. You know, this is the sad thing about Canada. It forces you to a minimal life even before you've immigrated lol. My friends in the US in their early 30s now have never even seen 5 figures; but 6 figures is a big deal for Canada and Canadians because the economy is shit (would be even worse if they didn't have rich natural resources out of pure chance).

This pics is really interesting. Where did you get it from? Could you send me a link? Thanks

 

[Deleted member 1050918]

This pics is really interesting. Where did you get it from? Could you send me a link? Thanks

I searched "Canada mortgage calculator" on google and got one that looks ok. It was this https://www.ratehub.ca/mortgage-payment-calculator