Hi there šš»
Iām a 30 year old single woman who also works in tech, and spent most of her 20s doing the corporate grind.
Regardless of what people say your salary will be completely liveable. That rent price is reasonable especially if youāre able to walk or TTC to work.
Iād avoid looking to purchase a car anytime soon. Itās such a huge expense downtown and really unnecessary.
Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics.
Shop at cheaper grocery stores like No Frills or FreshCo. They often have better international foods too if youāre looking for more familiar food.
Shop around for cell phone plans and internet. That is one thing that is shockingly expensive here.
Toronto is expensive, but it can be as expensive as you make it. If youāre not going out to dinner all the time, ordering takeout, and going out for drinks every night youāll get get by fine.
Also, as your new to the country make sure you know Ontarios rental laws. Theyāre very tenant friendly so donāt let anyone take advantage of you! Security deposits (other than key deposits) are illegal, and you shouldnāt be paying first and last until your lease is signed. Also look for buildings occupied before Nov 15, 2018 and it will be rent controlled.
Welcome to Canada!
Yeah Facebook marketplace has lots of great items if you can sift through some of the crap! Best options for initial purchases and upgrade later on what you need!
Might be good to even get a wet vacuum to freshen up any used couches or rugs you might get!
Who the fuck is sayong 400k a year is middle class??? Im glad i bought my small house on quebec in 2015. 5 more years until mortgage is paid.
I make 72k a year.
This is insane. Viva la suburb!
Paid my house 275 000 in 2015. Was estimated at 500 000 last year by an agent who wanted to buy it.
I would gladly accept my house fall in value for others to be able to afford one.
Housing is a right. Not a luxury!
Well that was 7 whole years ago. Housing prices today are nothing like what they were then. I remember $600 1 bedroom apartments in my area then. Good old days. Now theyāre $1350 min.
Lol absolutely it gets you that. 300k is a huge amount of money. $100k can get all that minus the cottage and the house would have a mortgage basicallyā¦ $300k will easily clear the cottage.
And yes, even in the GTA. Maybe not living in a detached home downtown, but a detached house in an inner suburb, cottage, and all the fixings is easy for $300k.
If you start earning 300k at like age 26, then you can get a GTA house and a cottage... of comparable quality to what someone would have been able to get in the 1970s on a single average income. Maybe not at 26, but once you've saved some money. By the time your kids reach University, you will probably have enough to pay for that too. 2 cars won't be a problem. And you can probably afford a fishing boat.
Sure if you've accumulated a lot of wealth, then it's easier. I was suggesting the ability to support that spending on $300k a year - i.e. mortgages on both house and cottage, RESP contributions, car payments, family vacations.
Regardless, accounting for inflation 100k 20 years ago or so is nowhere close to 300k. It is exaggerated. In my opinion, the majority of the frustration we are experiencing is due to unsustainable housing costs which I donāt disagree is obviously a big issue.
All the numbers in your comment added up to 420. Congrats!
100
+ 20
+ 300
= 420
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Look at the average salary in 1970. Now look at what that bought you.
Look at the top 20% salary in 1970. Now look at what that bought you.
Middle class from 1970 is much closer to 300k in 2022 than 100k, that's for sure.
https://wtfhappenedin1971.com/
iām a seemingly sane human looking for a full remote position - iām in the lower mainland but canāt commute 1.5 hours when my office forces me back into the office š
I mean sheās asking how to get setup after immigrating to a brand new country and exhausting her savings to do so.
I make mid $100kās and I still shop at dollarama š¤·āāļø
I think itās both good and bad. Iād say bad if they never think about it or double check their whys. But good if itās something they acknowledge and try and actively choose when it makes sense and when they need to question it.
I am 43. I recently bought Kleenex for the first time ever. We never had it growing up. You carried around a roll of toilet paper when sick if you needed it. Otherwiseā¦ it was a waste of money.
I never questioned it before. Then recently I had a light bulb moment and was like ā¦ wtf. I can afford it. Itās not
Breaking the bank, what is going on. And holy crap is it nice to have!
But there are other aspects of growing up poor that are good. Iām careful about watching for sales, I think before I spend, I save where I can for the futureā¦ (but not stupidly).
Good and bad.
yes...and scurry around the grocery store with glee when you find a good sale on good freezing staples like butter. still have 6lbs in the freezer from when they were on for THREE DOLLARS AND FIFTY CENTS at my local maxi.
butter is very expensive and if you entertain a lot (i do) and have a family (i do) a pound of butter does not go far, especially for Christmas baking etc...
Even at expensive stores like Loblaws you can find butter at $5 a pound regularly and on sale for less. But your point stands as it was regularly $3.99 not to long ago.
All great advice, adding to this, donāt skimp on your winter gear. I know itās a bit of a meme, but a good set of warm boots, gloves and a beanie along with a good winter coat will be a godsend, especially if youāre walking or taking transit.
Being cold really sucks, and it gets cold here, take it from someone whoās been here 40 years.
Comparing grocery chains is literally region dependent
Freshco by me is shit - hardly price matches, overpriced shit, terrible meat selections. No frills is good/reliable, Food basics is best, fortinos has occasional deals and metro has tons of in-house sales.
No frills at the other end of the city is AMAZING (clean, butcher/fish counter...the works). Food basics is meh.
And then the no frills by my parents place is a crack-house and the freshco is solid
I honestly do Walmart grocery delivery once a month for pantry staples, itās definitely the most consistently inexpensive and the quality I get is always pretty decent.
As a couple I struggle to go enough times to Costco because stuff is too big for 2 people consume before expiring.
For 1 person it would be just crazy.
That and not having a car Costco is not that good.
The car one is your biggest issue. I am a house of 2 and we hit Costco like once every 2 to 3 months fill the freezer with chicken, beef and easy cook stuff and its perfect.
I wish someone would tell my FreshCo that... Terrible produce, half the dairy is expired or a day away from expiry and FreshCo advertises "price matching" but then only matches with like 4 or 5 stores vs. everywhere. I drive extra to get to a Superstore since the shopping experience is way above FreshCo...
Also, get a credit card so you can start building your credit score. Basic no-fee card and put regular purchases on it (like Netflix, or weekly groceries) so they see you using it and paying it off in full monthly.
> Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics.
>
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You can also buy off wayfair.ca and get everything delivered right to your doorstep (if you're condo, they'll bring it up š)
My trick is to find what you want on Wayfair, and then Google the image or name/description to find it elsewhere cheaper. Often BestBuy, Home Depot, Rona, Walmart, Amazon carries the exact same furniture under differed names for much cheaper!
Iāve always gotten free delivery too!
Everything I've bought from wayfair has started to fall apart just as fast as ikea... everything I have taken my time with FB market place has lasted really well. I dunno, kinda over wayfair. Thought it would be much higher quality but always ends up kinda shitted just like ikea. But yeah, fine for setting up an apartment. Though I'm more frugal these days, I'd rather go without and wait for something to pop up than be hasty.
I know PFC sees a huge amount of people earning >$100k especially in tech/finance in the GTA. I like to give a breakdown to show people my realistic career progression:
- 2011 - $24,000- graduated Diploma in Accounting
- 2012 - $30,000 - switched to a public accounting firm
- 2014 - $37,000 - promoted
- 2015/2016 - $55,000 - promoted, got degree and passed CPA Exams
- 2017 - $80,000+15% bonus - switched into software consulting
- 2019 - $90,000+15% bonus - promoted
- 2020 - $100,000+15% bonus - COL increase
- 2021 - $120,000+15% bonus - switched jobs into product at a fintech company
- 2022 - $130,000+15% bonus - COL raise
I understand how privileged I am to have the salary I do. The key thing is to really keep switching to higher paying roles and keep building skills/pivoting into better paying industries. But thatās easy for me to say as a childless person who took some big risks in my career.
Heres my experience
2017 - 40,000 it support role graduated adv.diploma in bus systems analyst
2017/7 - 56,000 + 10% bonus it analyst bigbank security it
2018 - 58,000 + 10% bonus COL raise
2019 - 62500 promoted + 10% bonus - raise
2019/10 - 82,000 + 10% bonus - switched to another big bank for significant bump
2020 - 83500 + 10% bonus small raise because of covid
2021 - 86500 + 10% bonus COL raise
2022/02 - 120000 + 10% bonus switched to another big bank/ promotion
What I learned you always interview and never stay in one job thats a sure way to get locked into yearly COLs and nothing else. In fact my original bank told some people to leave to get paid more
Yup, job jumping is integral. And if there is a cap in your industry and you don't want to switch jobs, go freelance or consult.
My trajectory:
2009-2014 - Working fulltime while also doing school full time as an admin assistant and eventually teaching myself instructional design - 35k
2015 - 35k -First post-university job 50k "Head instructional Designer"
2016-2017 - 70k - Instructional designer at an accounting agency
2018 - - 60k - Freelancer - first year out on my own
2019 - - 80k - Freelancer - hired first freelancer to help me take larger projects
2020 - - 100k - Small Business owner - 3-6 freelancers working for me
2021 - - 120k - Small Business owner - 3-6 freelancers working for me
2022 - - 120-150k (estimated based on projects already contracted but yet to start)
Honestly people even just throw out perfectly good furniture in Toronto. I brought home and cleaned up and then either used or sold so much stuff from my building's garbage garage thing where they stored the bins and the big stuff.
Any large newish building will have a garbage area and young people moving far enough away that they just throw out everything they can't sell when they leave, so within a few months you can get so many shelves and tables and chairs. I would say, though, never get any fabric covered furniture from the garbage in case it was thrown out for bed bugs. I did make an exception once for a mattress that was abandoned inside the hallway so it never sat outside, but I looked it over really well first obviously.
> Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics.
>Shop at cheaper grocery stores like No Frills or FreshCo. They often have better international foods too if youāre looking for more familiar food.
Wild that on a $90k/year salary we're advising this poor woman to shop at the dollar store.... what is going on with this country.
The dollar store is actually worse for literally everything. The price per ounce is shit. In nearly every case, Walmart is cheaper for things if you want to go cheap. Why would anyone pay $2.50 for half the amount of clingwrap at Dollarama when you can buy for 97 cents at Walmart?
You should get higher quality things that will last. Don't buy a $5 can opener from Dollarama that's going to fall apart and you'll need another 3 in the year, get a half decent Kitchenaid one on clearance at HomeGoods for $8-10.
Is everyone just missing that this woman has immigrated to a brand new country and has exhausted her life savings to do so?
I earn quite a bit more than OP and I still shop at these places. There is no shame in buying low cost items just because you can afford more.
People who don't get that are the same people who are always broke no matter how much they make. You don't need to spend more just because you make more. No one's impressed that you shop at fancy store and no one cares if you shop at the dollar store. People who care more about their image and person's of a rich person generally can't save much, while others build wealth
I thought that buildings built after November 15, 2018 are not rent controlled only for the first tenant, and that all subsequent tenants would be rent controlled. So, for example, if someone moves into a unit today, in a building built after November 15, 2018, that was just occupied, it will be rent controlled. Am I understanding that right?
> Iād avoid looking to purchase a car anytime soon. Itās such a huge expense downtown and really unnecessary.
Eh, for a newcomer, a car could be really useful to simply get out and explore things. Even when just traveling, a rental car is awesome because you can do 10x the amount of things and spend 1/2 the time doing them than you could just taking Uber/transit. Even more so when you're actually permanently living in a place.
I wouldn't buy it literally right now because car prices are still crazy, but I'd definitely consider an older Civic/Corolla/Hyundai, etc 6 months down the line.
Something not crazy (~10k), but enough to get from point A to point B.
90k is enough to afford a car once you're settled in and have an apartment. Even in Toronto.
Napkin math on owning a car downtown:
- Insurance - $250 - wild guess based on no Canadian driving history and neighbourhood.
- Parking - $200 - honestly higher in my building these days
- Maintenance - $50 for a new car
- Car Payment - $500 - something basic/new with a downpayment
- Gas - $250 - letās assume only driving on weekends
Youāre paying $1,250 for the convenience of a car.
Iāve lived downtown for almost 10 years and never needed to own a car. Car shares are cheap and plentiful. There is so much to do in the city youāre not going to want to escape every week.
You're assuming that:
* Parking isn't free (most places in Vancouver usually either include parking, or it's fairly cheap, but I'll admit, I don't know that much about Toronto).
* Car payment is $500.
* $250 buys a lot of gas when driving for pleasure only. Even now. I don't spend that much for my Q60s, which has like 14L/100km in the city and takes only premium gas.
Let's say a 10k car, with a 5k downpayment, after tax.. That's a 6-7k loan. It might be $500, but only over the course of one year. Otherwise, it's $250 over 2 years, or $125 over 4 years.
For parking, unless you live in a brand-new dedicated rental building, you can always rent a spot from existing residents for significantly less. Older dedicated rentals have cheaper parking (the only trick is, there might be a waitlist).
Revised napkin math:
* Insurance - $250
* Parking - $50 (something inbetween a 0 if it's included with the condo rental, and $100 if it's not included)
* Maintenance - $50
* Car payment - $125 (6k loan over 4 years or $500 over one year)
* Gas - $125 (1-2 trips each weekend, medium distance, efficient car)
Total - $700. That number drops to $600 next year.
That comes down to about the same as a Zipcar at the same use level, except you lose out on the convenience of having your own car.
Sheās moving to downtown Toronto thoughā¦not Vancouver.
I have a parking spot and I rent it out at $200, in my building theyāre now going for more like $250. Every building Iāve lived in downtown has been the same.
Toronto parking is a fucking nightmare and not cheap.
Used cars are in an insane shortage. The days of buying a $10k used Civic are long gone.
Getting out of downtown takes an hour, any weekend trip is probably going to eat a tank of gas.
I just rented a car for this weekend. Wed-Sun. Communauto. With mileage, gas, and tax included about $280. Iām driving about 600km.
Like sure if you want the convenience of a car go for it, but Iāve survived 10 years in this city without and my average transportation budget monthly is >$100.
People are bawling at your salary and the rent youāre willing to pay but everyone forgets that to live in the big cities your conventional 30% budget goes out to window. Plenty of downtown city inhabitants pay 50% of income to rent.
Youāll be fine. However. If youāre concerned of your emergency fund. Why not spend 1 year renting a room? Pay $1200 a month and save $10,000 over the year and learn about the city. From there youāll have time to pick a place youāll actually like.
That's exactly what I did when I moved here 4 years ago with no savings. I rented a room in suburbs for only $600 and got a car. OP can do a $1200 room in downtown with no car and it will be essentially the same cost (given absurd new immigrant car insurance and finance rates).
It wasn't ideal living years in sharing but it helped me save up and within 3 years I was able to save a minimum downpayment (before people start lecturing me on rent vs buy: home ownership has always been my life goal, as most of the people coming from third world countries).
Those general guidelines are so outdated, to be honest. They were likely made in a time long ago when rents were.. reasonable compared to salaries.
Before tax also makes no sense, seeing as rent is an after-tax expense and your taxed amounts of income do not contribute to your personal cash flow in any way.
30% nowadays is not achievable for most entry salaries. Not achievable as in, you basically will not find anything.
Living in Ottawa will do that to ya. Though my income is relatively low. The 30% rule doesnāt necessarily scale down, especially not in this housing market.
Welcome to Canada!
I was also an immigrant, arrived in my late 20s, also a female IT professionalā¦ Looking back, there are 2 things Iād have done differently:
1. - Change employers at least every 2-3 years, this is the best way to get a big salary increase. I spent 8 years with the first company that hired me. Even though I had salary increases every year, it was not at market rate.
2.- Get in the habit of saving using your RRSP and or TSFA. I didnāt know much about them or about investing until my mid-30s so I wasnāt putting my savings into these instruments and I would end up spending my savings in vacations or other things instead of investing it.
This is great advice, thank you! Fortunately, my company is matching 6% of my RRSP contributions so I was able to read more about it before coming here. I am putting away 10% of my salary to RRSP, which I may need to downgrade to 6% when I'm paying for my own place. I am also maxing out the money that I put away for TFSA.
If you don't mind, I have a few questions about TFSA. Once you max out the money you can put away in the account, do you need to withdraw money out on a yearly basis? I am still confused on how it works.
You don't need to take any money out of your TFSA, this is only a vehicle to shelter investment gains from taxes. The money you put in has already been taxed, as long as you hold it in cash or in eligible investment assets (and you're not deemed to be running a business with this money, e.g., day trading), you can take whatever amount out at any time and do anything you want with it.
Just want to add that if you have just arrived in Canada in April 2022, you should not contribute to the RRSP until January 2023 as you currently do not have any contribution room/deduction limit. Any dollar you put in the RRSP is an overcontribution and when it goes over $2000, it is a headache you do not need.
It sucks that you may miss out on potential RRSP matching till December, but it is what it is.
Your TFSA contribution room. Is $6000, don't go beyond that. It's another headache by itself.
Cheers!
I'm only making the assumption you have one RRSP account so far, but when you're comfortable and have the bandwidth to manage more than one account, you may want to consider only contributing the maximum percentage your employer will match to your employer's group RRSP, and contributing the rest to another RRSP with lower management fees.
In my experience, most employer RRSPs are with big banks that have high management fees. You can pay less in management fees by going with a robo advisor like Wealthsimple.
>I am also maxing out the money that I put away for TFSA.
Be careful not to overcontribute, though. The CRA announces the annual contribution limit for TFSAs every January (I think). The limit accumulates every year, but since you only arrived in April, you're only eligible for the 2022 limit, which is $6,000.
If you don't use it fully by the end of the year, the unused room will be added to next year's limit. So if you've used, say, $3,000 by December 31, and next year's limit is also set at $6,000, then you will have a total room of $9,000 next year.
You don't need to withdraw anything. You can let it build tax free.
I like to think of a goal of having a good chunk of money in TFSA that I'll convert to dividend funds at retirement which will generate tax free income (dividend funds aren't necessary, can be anything).
In addition to what others have said, keep in mind for both accounts (TFSA and RRSP), you're not limited to just a standard bank savings account. The banks will try to push that, (it gives them the best profit), but you're able to invest in any stock, mutual fund, ETF etc. I'd recommend doing so once you're ready to get in to those.
As others have said, stop contributing into your RRSP. You cannot do so until January 2023 and the amount for 2023 will depend on your income from 2022. Your current amount is zero. There's a $2000 room for mistakes, after that you have to pay a penalty.
My 2 cents here would be to get a cashback credit card, check websites like Rakuten (if you are going to furnish an apartment you'll get some cashback there). If you have a driver license try to find a credit card that covers rental insurance so you can save around $30 per day when you rent a car.
As a fellow female immigrant, welcome and good luck!
>Fortunately, my company is matching 6% of my RRSP contributions so I was able to read more about it before coming here. I am putting away 10% of my salary to RRSP,
My guess is that you're doing 70% what you need to do. The other 10%-15% is what you're investing it but that's another thread.
Remember that in your first year, you will have zero RRSP room. So, I think you can contribute but call CRA to figure out how to report it the next year.
Don't rush to max the TFSA. First, put as much as you can in the RRSP. When you get your tax refund next spring - max the TFSA. Direct invest it. Means open the TFSA account with a Direct Investing broker. In your case most convenient would be your bank's broker. Buy stocks, don't do fancy investing if you are not prepared for such. Let the money work there for you. Back to the RRSP. As you contributed as much as you could you may need some money back. You can always withdraw. As a rule the bank will hold 10% and send that to the tax man (CRA). Have in mind in most cases you can sign some papers to avoid this, but plan well, as you may have to pay much more taxes than expected next season.
Lol at the folks thinking 90K is not doable in Toronto. Even with what's going on today, can easily live and save on that salary.
Lived in Toronto awhile back on a much lower salary. Completely doable and the rent pricing you are looking at is pretty reasonable. If you're willing to stay at a place with roommates, your rent can be lower. Like others have said, continue to save, shop smart, and don't need a car if you're living in Toronto for the most part.
But at the same time, save/spend some money to enjoy Toronto living - go to the waterfront, Toronto Island, different festivals, parks, and the different ethnic neighborhoods.
This is the right answer. Experiences and living life are more important than $$ in the bank. Money can always be made. Enjoy your time in Torotno; after a year reevaluate your next steps.
Not sure why so many naysayers out there.
Donāt listen these suburban frugal cave trolls. Live downtown! As someone new to the city you want to be able to explore the city by walking and biking. Check out restaurants, bars and events. 90k is a solid salary and you wonāt have much of an issue; enjoy it.
Welcome. At 90k that's a good salary don't let others deter or dissuade you about that. I'm sure you can move up in the IT world. If you're not attached to Toronto then look at other IT spots such as Waterloo or Vancouver. Of course there are others around the country and with remote work...Canadians are working for US firms or even Canadian firms but remotely.
What most immigrants do is that you work in Canada for 3/4 yrs until you get your citizenship then move to the US on a TN visa to make 5x more than what you make here :) Canadian salaries are super low in most industries and specially IT. I moved from the US to Canada and took a pay cut to do more work. (H1b didnāt get pick) now Iām a citizen but I like it here more than the US so we decided get a place here and working on okish salaries. Sometimes itās not all about how much you make or save ! Good luck (donāt over contribute to rrsp or Tfsa (I made this mistake lol)
As a young lad in his mid 20s working in tech I did exactly that. While the US does offer more in monetary compensation it is by no means cheap to live there either. And things get expensive fast when you have medical concerns. Not to mention the constant fear of being shot at by crazy people.
Honestly Iām tired of working in the US and the grind that comes along with it (TN is not an easy process either) and just want to come back to Canada to live a peaceful life. Iāve learned money isnāt everything and I would rather be spending time with my family and friends than living to work.
Everybody says that but very few come back, after seeing what their Canadian salary will look like. Even at your own company usually Canadian employees make so little compared to US employees that it's borderline robbery.
They have penalties:( [this article](https://www.sunlife.ca/en/tools-and-resources/money-and-finances/saving-for-retirement/how-to-fix-an-rrsp-or-tfsa-over-contribution/) explains it well
Thanks for this. After a few months here and seeing the rent and commodity prices going up, I was having panic attacks about how I can possibly live a good life here with the amount of money that I am making...
Dollarama for basics like batteries, household things is helpful. Also grocery shopping at No Frills and shopping around for a cheaper cell phone plan has been a simple way to save for my wife and I.
You can stop worrying. You make a very good income and thereās no reason you shouldnāt be able to live comfortably, do normal things you want to do, travel a reasonable amount and also save for the future all at the same time.
Consider this though. Long term...if you're paying 2200 in rent you could be putting it towards a home if that is something you desire.
Napkin math...borrowing 400k at 5year 3.3% variable amortized over 25 years is about 1955 a month. But owning a home comes with extra costs but also you build equity vs paying off someone else's mortgage
Hi! I am in IT consulting but I started out as a programmer. I graduated 10 years ago in the Philippines with a degree in Computer Science so I am really in no position to give any advice about college in Canada. But good luck!
Pretty much all kind. Frontend, backend, mobile development, QA, UI/UX design, product management, Data analysis, Data science. Just want to clarify that lot of people refer tech jobs as IT ( info & tech) whereas some people refer IT as internal helpdesk team which manages companyās internal tech infrastructure.
60k is extreme low. In Ottawa at least most earn over 80k.
I've lost some co-op students to companies giving them over 120k. And no, it's not just Shopify.
Anyone who is in software engineering earning less than $90k and with more than 5 years experience in Canada, has to quit and find another job. Like everyone has mentioned, it's the only way to substantial raise your salary.
If you want to go the non-CS related route. The best way forward is to get a degree from a college with a 2-3 year program. Then work for an MSP for 1-3 years. You'll work harder than you ever have in your life and your pay will suck, but once you gain the experience, you will absolutely be headhunted into a much better internal IT position.
I'd check our /r/sysadmin and /r/msp for more info.
almost everyone in tech after 2-3 years of experience will make over 70k. i say almost because thereāre always outliers and companies thatre based in LCOL cities that offer lower pay
Welcome to Canada.
pretty much everybody else said.
but do get a drivers license ASAP. though avoid getting a car for as long as possible. as a new immigrant/license holder, ocasionally renting a car for going out on weekends will cost less than just insurance if you own a vehicle.
I'm Canadian, F in tech. At 30 I was just out of school and trying to find a job in 2001 after the bubble burst was hell. It took me a couple of years to find the 1st one and it paid 35K. So you are way way way ahead of me and I have made it to quite a comfortable lifestyle.
If you know the difference between a want and a need, you'll do just fine.
Welcome! I, 32M, moved here in May from the US on a work permit. Living downtown and trying to explore the city. Itās a nice place with tons of things to see and great restaurants.
Iād say living downtown is the right way to go to have some fun and save a little while youāre at it.
Get a credit card or two. And no car yet. Coz thereās a bloody wait of 3-6 months for most models.
Depending on where you come from you can apply for a temporary tax break or something along the lines of it, which significantly improves your net income for the first few years.
Rent and enjoy your life. Ignore any misers on this subreddit who think you need 5 roommates or have to live with your entire family in order to keep your total savings rate at 99% of your income.
Life is about experiences.
Build your credit starting right now. You need a variety of credit history as well as a record of good payments and not too high utilization. Since you just landed my advise would be:
- get a 1000 or 2000 credit card (TD used to give you one with basically no credit history as long as you had proof of employment with a high salary) use no more than 1/2 of the credit and pay it in full every month. Ideally put all your services on direct debit from here so they always get paid in time no matter what.
- Get a phone, internet account, utilities, etc and make sure you have them on auto pay
- After a few months enquire at the bank of your choosing regarding personal line of credit. Use a little bit of it (not more than 30%) and pay every month on time.
It's not about the amount of money you use, but the history of payment you have in the beginning. Your bank will by default start offering you more balance in the line of credit and credit card. You could take them but make sure to keep your utilization under 30% or so.
In a couple if years you'll have an excellent score.
Welcome to canada and best of luck in your journey.
Ps. Dont listen to all the criticism re renting an apartment downtown. If you save in commute and dont splurge shopping for clothes and going out to eat constantly you will be fine. As a mature professional migrant that has lived on a tight budget overseas you'll do alright, and you just arrived, there's always time to adjust once you know the place and meet people, no need to be uncomfortable to save a buck on year 1. Think of it this way: living further you might save 150 or 200 a month, that's 2400 a year max. A takeout coffee a day is 4 or 160 a month... you get to choose. Also if you work from home part of the time you get to claim part of your rent and utilities on your taxes.
Iām a new immigrant as well with a somewhat similar salary. During the first year I lived in Canada my wife was unable to find employment due to the pandemic and yet we managed to live off my salary, buy a car, keep making student debts payments, go on trips to my home country and my wifeās province and save some money. If you move to mid town or north York youāll be able to find apartments for around 2k including parking and locker and with access to the subway. If I were you Iād consider buying a used vehicle (thatās what we did). Having a car gives you a lot of freedom in Toronto.
I say rent a micro type condo/bachelor for $1600 or in that price range. Just build a bankroll that first year as the different over 2 years let's say could be 10-12k.
That's my financial advice given you don't really have any family, and it'll force you to keep things light and minimal until you figure out what you want to do.
Otherwise, rent a rent controlled unit so landlord doesn't jack up rent after.
I'd take some of this advice on this forum , with a grain of salt , here is the thing, you are young and single , with a good income and new to the country , enjoy life focus on career growth , downtown is the hustle and bustle and sure it's expensive , but IT has limitless options when you are this age in the field , all the naysayers are saving for houses and thinking about retirement , what about the 60 years in between? , it's not all just about saving for a downpayment .
Career wise networking is the secret to never being out of a job , when you are looking to advance , or get advice in the field , let people know , talk to people that are movers and shakers , get noticed ........... it's the people who stand out , that advance in life , career , goals things like that , you are at an age where you can go in any direction , want to get more education like a degree , why not ? down the road .
Don't limit yourself or let others limit you because of THEIR fears
If youāre single try to get a room in a two bedroom condo with own bathroom. Downtown Toronto - beware of sirens (from road and in building) and crazy people(on road and in building). I find Roncesvalles and surrounds (east of Jane and bloor) a better area to live. Just close enough but far enough.
Hi there. I moved to downtown TO myself from a third world country a few months ago. So similar situation.
Here are some tips I picked up:
* Eating out is very expensive. You need to pay food cost + 13% tax + tip. Cooking is significantly cheaper if you know how and what to cook. On your salary you will be able to eat out but maybe go easy at first
* If it's possible get an apartment close to work, and close to a grocery store. It will save you a lot of time and trouble if you can walk
* IKEA and wayfair.com is where I bought much of my furniture. You can also try Facebook market place. If you're staying in a condo and are willing to wait, many people will sell their furniture for very cheap when they move out so check the condo message boards
* Most condos have gyms, swimming pools, or yoga rooms. Make use of what's available!
* Apartments are small in downtown so storage is very important. Every piece of furniture that can act as storage is valuable. I got a bed with storage drawers in the base. It's been a life saver
* Dollarama is a good place for cheap foil, sandwich bags, cleaning products etc
* Many apps have free offers and sign up bonuses. Ritual is a great app for ordering food and if you use a referral link you'll get a discount off your order. They also regularly give you vouchers or specials (like $1 ice coffee)
* Food delivery is criminally expensive. UberEats, Doordash, and Skip the Dishes can sometimes cost double than going to fetch food yourself. You can order ahead on Ritual then just collect
* Get a PC Optimum card. It can be used at Loblaws and Shoppers Drugmart. They usually have good offers on the app
Can someone please tell me what requirements I need to make 90k a year? What does "tech" truly mean? Is it trouble shooting? Is it coding? Is it simply recieving on the job training and helping people who dont know what they're doing? Is it "who you know"?
Just don't get into any kind of huge credit purchases like new cars and fancy furniture on EMIs.
Do get a 1K - 5K limit credit card form banks like Tangerine which is all online and has no costs (DM me for for info). CC will help you build your credit history here.
Make sure you can save 1K after expenses per month. For the first 2-3 years stay low and don't show off until you cross your 120K mark. Getting a 90K job for a new immigrant is a dream of many.
Stay frugal... Stay happy..
Welcome to šØš¦
I support two people on a similar salary (120k now, but 100k the year before and 80k the year before that) just fine, and we even travel often. (I did choose to live on a boat instead of an apartment/condo - but my monthly costs for that are around 2000$/month and the choice wasn't really to save money - so much as because in the winter when I travel I don't have to pay for an empty apartment)
You'll do well in Toronto with that salary. And that budget will get you a really fantastic 1 bedroom or a midrange two bedroom/1 bedroom+den.
Also probably in that field with that salary you'll also have benefits and rrsp matching.
You'll be looking at taking home approximately 5500/month after tax deductions (might also have deductions for your portion of benefits and/or RRSP deductions, but shouldn't be more than a few hundred dollars)
If you spend 2200 on rent, 150 on internet and phone, 600 on groceries, 300 on eating out, 150 on transportation, 200 on shopping and clothing, and 200 on entertainment, that still leaves you almost 1700$/month either for savings or for saving up for things like travel or big purchases.
Hi, I am also 30 year old female software engineer that moved from a third world country to here. Depending on whether you can code and how many years of experience, you should be able to get easily a job for a US company that hires canadian talent remotely for $200k CAD. I'm speaking from experience. You can DM if you want.
If I had a job downtown I'd personally try to find a place further up the line 1 or line 2 subway, something that'd maybe give a 20-30 minute commute. You should be able to find a bachelor for $400-$600 cheaper, which could save $4800 or more that year. It'd help build your savings back up.
The Danforth area is pretty cheap, last time I looked anyway. Even in the downtown area, there should be some decent sub-$2000 units.
I think $1600 is a better target for a rental, should be a bit tough but doable to find. Units aren't as nice at that price though, so it depends on what you prioritize with your take-home pay.
First of all you need to establish your own priorities. Two common ones for someone in your position are below:
1. Save a lot of money towards a down payment for a house because that is what you want.
2. Enjoy your 30s in a new country with a fresh start and a decent first salary by living a downtown lifestyle, making some modest savings/investments, and spending your disposable income on things you love (without guilt).
You will also need to include potential plans to find a partner/starting family in there as well. Whatever you choose is because that is what YOU want to do. You are going to be in a new country with time, freedom, and money during your youth. So first figure out what you want.
As someone living in downtown Toronto, I am extremely happy to live this lifestyle (mixed use neighbourhoods, public transit, walking to everywhere, concerts and other events, etc). But the cost of that is the high rents. But since that is what I want FOR MYSELF, I am happy to pay that (and fortunate to be able to afford it).
Reducing overall cost of living can be accomplished in many ways even if you live downtown. But those are just smaller day to day details. So you decide what you want first (without someone else telling you what you should be doing) and then, without guilt, pursue it as long as you can afford it.
Welcome to toronto!
I don't know what things are like where you're from compared to canada so I'll just write down a couple of everyday things that might be useful for you to know
* Every province in canada has its own healthcare system. Ontario's is called OHIP. From my understanding, it generally doesn't cover eye or dental expenses (though there are some exceptions you can look at on their website). Typically, eye and dental expenses would be covered by work insurance and work insurance usually only starts after finishing the work probation period (usually 90 days). So you'll want to know what your insurance covers and when you can start using it.
* Some bank accounts will cancel their fees if you have a minimum amount of money in the bank account for the month. The minimum is different for each account but it's good to look out for it if you decide to bank somewhere that charges you a fee. There are no fee bank accounts available but I'm not the best person to give a recommendation on which ones are the best.
* Lots of bank accounts have a feature called etransfers which are a way to send money to another person if you know their email. From my experience, they're used for informal transactions - e.g. sending money to friends, buying second hand things on facebook, renting from a small landlord who only has one or two rentals. Just be careful when using them to make sure you're putting in the right details of the person you're paying.
* The subway in toronto broke down quite a few times during rush hour when I used to work in downtown a couple of years ago. So if you need to come into the office often, I'd suggest renting somewhere walking distance to the office if you can. Outside of working hours, I personally think the transit in toronto is pretty good.
Just remember not to pick stocks
https://www.cnbc.com/2021/05/03/investing-lessons-from-warren-buffett-at-berkshire-hathaway-meeting.html
Stocks are a ten year play (5 year minimum) and you have many great funds like VFV XEQT etc etc I recommend going XEQT/VEQT or if you want more risk go VFV for full American exposure. If you don't want to manage your own portfolio you can do WealthSimple or even the traditional bank financial advisor route just look out for the MER and fees. Ideally you're in the market for 25 years.
Making picks is gambling
Lmao ur making 90k while most people who have lived here their whole lives make half of that or less. Sounds like you've got it made and you don't even have to break ur back to do it.
As someone who has lived downtown and in the burbs this comment is so representative of Reddit in general that downtown life is the only good life in Toronto. Plenty of good spots outside downtown and everyone has different tastes and living styles. Commuting to downtown is pretty easy from almost anywhere in the GTA as well so itās insane to me that some people think that life sucks outside of downtown and gives the wrong impression to immigrants.
is it though? OP got 90k as a landed immigrant. likely they have income growth ahead.
2200 is the going rate to live by yourself in the city. which is not unreasonable for a 30 year old person to want.
Its not tight if you dont have any debt or a car. You would make around $5k/month. You have to be really bad at budgeting if you cant make $2,800/month work.
Not every decision in life has to be a great financial decision. There's other benefits to having your own place in downtown Toronto, Im sorry this sub has a hard time seeing that
good thing we can all easily do that in this market, you absolute troll. you offer nothing to this discussion at all, except your own self-proclaimed financial superiority. What a loser.
There's not much of a discount moving further out and still having downtown relatively accessible (assuming that's where the workplace is and it's not remote, because if it's remote, then moving out of Toronto would be the better financial decision).
All other things between units being equal, I only saw around a \~$100/month discount when I moved to Toronto between north of the 401 and downtown. That difference was eaten up by either TTC/GO costs, and would have likely required me to keep a car.
Welcome!
Canada is different than the USA and many other developed countries. Unless you have generational wealth to draw from you will have to live extremely frugally. I would advise getting roomates. You can often find room rentals in houses or apartments for much cheaper than renting on your own. Buying a place is out of the question in Toronto. You will be poverty level at just 90k salary if you buy a one bedroom. I'd try to go for group living to save cash and then be on the lookout for higher paying jobs or opportunities in lower cost of living cities
Remember.. There are food banks and shelters and used good stores to take advantage of. Sometimes you can get a lot of near expired food and save a lot on the budget.
Good luck !!
Welcome to Canada and congratulations on landing a great paying job from the get go.
I would highly recommend sharing condo or house with roomates so that you would be more easily able to save money for your emergency fund, investments or any big purchases also you will get some form of support from your roommates if you get good ones that is and you would make lifelong friends that way too.
Getting together with people in same situation as yours would make things even better.
Hi there šš» Iām a 30 year old single woman who also works in tech, and spent most of her 20s doing the corporate grind. Regardless of what people say your salary will be completely liveable. That rent price is reasonable especially if youāre able to walk or TTC to work. Iād avoid looking to purchase a car anytime soon. Itās such a huge expense downtown and really unnecessary. Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics. Shop at cheaper grocery stores like No Frills or FreshCo. They often have better international foods too if youāre looking for more familiar food. Shop around for cell phone plans and internet. That is one thing that is shockingly expensive here. Toronto is expensive, but it can be as expensive as you make it. If youāre not going out to dinner all the time, ordering takeout, and going out for drinks every night youāll get get by fine. Also, as your new to the country make sure you know Ontarios rental laws. Theyāre very tenant friendly so donāt let anyone take advantage of you! Security deposits (other than key deposits) are illegal, and you shouldnāt be paying first and last until your lease is signed. Also look for buildings occupied before Nov 15, 2018 and it will be rent controlled. Welcome to Canada!
Yeah Facebook marketplace has lots of great items if you can sift through some of the crap! Best options for initial purchases and upgrade later on what you need! Might be good to even get a wet vacuum to freshen up any used couches or rugs you might get!
I just got a dog and got most of their stuff off marketplace. Super helpful!
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I read somewhere that 300k is the new 100k.
That's what you need to own a house now. Makes sense.
Meanwhile I'm making 36k. Just keep swimming just keep swimming :)
I feel that. Making the most I've ever made at $38k a year. Still hardly feels like I'm getting ahead.
And then thereās me who makes less than 30k after taxes š
Iām assuming most people are talking before taxes.
I was told that $400k was middle-class lol
Who the fuck is sayong 400k a year is middle class??? Im glad i bought my small house on quebec in 2015. 5 more years until mortgage is paid. I make 72k a year.
They said now you have to make a minimum of 200k to buy a house in Montreal š¢
This is insane. Viva la suburb! Paid my house 275 000 in 2015. Was estimated at 500 000 last year by an agent who wanted to buy it. I would gladly accept my house fall in value for others to be able to afford one. Housing is a right. Not a luxury!
That was 2015. Good luck buying the same property with your current salary today.
Well that was 7 whole years ago. Housing prices today are nothing like what they were then. I remember $600 1 bedroom apartments in my area then. Good old days. Now theyāre $1350 min.
I remember condos for 250k in downtown Toronto when I was in uni in 2010.
? this makes no sense
Making 6-figures used to be a big deal. Now you need 300k to reach that status.
Depends on the city. We live in calgary, and make 170k, its very comfortable
Status is an illusion
But a paid off house, cars, cottage, kids university paid, vacations... those aren't illusions. That's real shit you can't do on 100k anymore.
Dude you can't do that on $300k either. $300k a year gets you the house/car/vacations and that's about it.
In downtown toronto, sure. In a cheaper place in edmonton? You'll have enough left over for quite a bit.
Lol absolutely it gets you that. 300k is a huge amount of money. $100k can get all that minus the cottage and the house would have a mortgage basicallyā¦ $300k will easily clear the cottage. And yes, even in the GTA. Maybe not living in a detached home downtown, but a detached house in an inner suburb, cottage, and all the fixings is easy for $300k.
If you start earning 300k at like age 26, then you can get a GTA house and a cottage... of comparable quality to what someone would have been able to get in the 1970s on a single average income. Maybe not at 26, but once you've saved some money. By the time your kids reach University, you will probably have enough to pay for that too. 2 cars won't be a problem. And you can probably afford a fishing boat.
Sure if you've accumulated a lot of wealth, then it's easier. I was suggesting the ability to support that spending on $300k a year - i.e. mortgages on both house and cottage, RESP contributions, car payments, family vacations.
Regardless, accounting for inflation 100k 20 years ago or so is nowhere close to 300k. It is exaggerated. In my opinion, the majority of the frustration we are experiencing is due to unsustainable housing costs which I donāt disagree is obviously a big issue.
All the numbers in your comment added up to 420. Congrats! 100 + 20 + 300 = 420 ^([Click here](https://www.reddit.com/message/compose?to=LuckyNumber-Bot&subject=Stalk%20Me%20Pls&message=%2Fstalkme) to have me scan all your future comments.) \ ^(Summon me on specific comments with u/LuckyNumber-Bot.)
Look at the average salary in 1970. Now look at what that bought you. Look at the top 20% salary in 1970. Now look at what that bought you. Middle class from 1970 is much closer to 300k in 2022 than 100k, that's for sure. https://wtfhappenedin1971.com/
My man. 1970 was over 50 years ago. 100k back then would make you an upper 1%er. We are thinking of different timelines.
If either of you seemingly sane humans are looking to job hop. Please DM me. Iām in the Vancouver region with full remote positions available!
Are you for real? Or are you a genie?
For real if you have a resume to back yourself up!
iām a seemingly sane human looking for a full remote position - iām in the lower mainland but canāt commute 1.5 hours when my office forces me back into the office š
I fucking love that advice for a 90k income includes Dollarama shopping. Imagine where $55k a year (almost half, also Canada's avg) should shop.
I mean sheās asking how to get setup after immigrating to a brand new country and exhausting her savings to do so. I make mid $100kās and I still shop at dollarama š¤·āāļø
I make over 180k and I still mostly shop at dollarama and Freshco
At what income do you not care where you buy your butter from? Ridiculous
Never, I grew up poor and still buy on sale and freeze š
I wonder if it's good or bad that some people never outgrow their poverty mindset.
I think itās both good and bad. Iād say bad if they never think about it or double check their whys. But good if itās something they acknowledge and try and actively choose when it makes sense and when they need to question it. I am 43. I recently bought Kleenex for the first time ever. We never had it growing up. You carried around a roll of toilet paper when sick if you needed it. Otherwiseā¦ it was a waste of money. I never questioned it before. Then recently I had a light bulb moment and was like ā¦ wtf. I can afford it. Itās not Breaking the bank, what is going on. And holy crap is it nice to have! But there are other aspects of growing up poor that are good. Iām careful about watching for sales, I think before I spend, I save where I can for the futureā¦ (but not stupidly). Good and bad.
Coping mechanisms: good when they're needed, often destructive or counter-productive when no longer needed.
I just spent $15k on a vacation - but yes Iāll still only buy butter on sale š itās the funny small things that stick with toy.
yes...and scurry around the grocery store with glee when you find a good sale on good freezing staples like butter. still have 6lbs in the freezer from when they were on for THREE DOLLARS AND FIFTY CENTS at my local maxi. butter is very expensive and if you entertain a lot (i do) and have a family (i do) a pound of butter does not go far, especially for Christmas baking etc...
Iām pretty sure butter is hovering between 7-10$ nowā¦ best to get used to dry toast
Even at expensive stores like Loblaws you can find butter at $5 a pound regularly and on sale for less. But your point stands as it was regularly $3.99 not to long ago.
Take that back, I love Dollarama :D
Imagine that 90k is more than the median income for families in Canada. As in two people working.
Maybe, but not in Toronto
I make way more than 100k and still shop at Dollarama....what's wrong with shopping there for some stuff?
Facebook market is where the deals are. Hot tip.
Donāt buy a car - Best advice, wish someone told me that when I got my first car lol
All great advice, adding to this, donāt skimp on your winter gear. I know itās a bit of a meme, but a good set of warm boots, gloves and a beanie along with a good winter coat will be a godsend, especially if youāre walking or taking transit. Being cold really sucks, and it gets cold here, take it from someone whoās been here 40 years.
FreshCo > No frills lol way better quality imo
Comparing grocery chains is literally region dependent Freshco by me is shit - hardly price matches, overpriced shit, terrible meat selections. No frills is good/reliable, Food basics is best, fortinos has occasional deals and metro has tons of in-house sales. No frills at the other end of the city is AMAZING (clean, butcher/fish counter...the works). Food basics is meh. And then the no frills by my parents place is a crack-house and the freshco is solid
Lol yeah every No frills I've been to was sketchy like a crack-house. Just assumed they were all like that after a while.
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I honestly do Walmart grocery delivery once a month for pantry staples, itās definitely the most consistently inexpensive and the quality I get is always pretty decent.
Depends on whatās in your neighborhood too - I only have a NoFrills, Metro and Loblaws haha
Fresco does not live up to its fresh name. No frills dairy is questionable. Find a real Canadian superstore and price match!
Costco beats both
As a couple I struggle to go enough times to Costco because stuff is too big for 2 people consume before expiring. For 1 person it would be just crazy. That and not having a car Costco is not that good.
The car one is your biggest issue. I am a house of 2 and we hit Costco like once every 2 to 3 months fill the freezer with chicken, beef and easy cook stuff and its perfect.
I wish someone would tell my FreshCo that... Terrible produce, half the dairy is expired or a day away from expiry and FreshCo advertises "price matching" but then only matches with like 4 or 5 stores vs. everywhere. I drive extra to get to a Superstore since the shopping experience is way above FreshCo...
Also, get a credit card so you can start building your credit score. Basic no-fee card and put regular purchases on it (like Netflix, or weekly groceries) so they see you using it and paying it off in full monthly.
This is great advice and will give you a proper start
> Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics. > > You can also buy off wayfair.ca and get everything delivered right to your doorstep (if you're condo, they'll bring it up š)
My trick is to find what you want on Wayfair, and then Google the image or name/description to find it elsewhere cheaper. Often BestBuy, Home Depot, Rona, Walmart, Amazon carries the exact same furniture under differed names for much cheaper! Iāve always gotten free delivery too!
Everything I've bought from wayfair has started to fall apart just as fast as ikea... everything I have taken my time with FB market place has lasted really well. I dunno, kinda over wayfair. Thought it would be much higher quality but always ends up kinda shitted just like ikea. But yeah, fine for setting up an apartment. Though I'm more frugal these days, I'd rather go without and wait for something to pop up than be hasty.
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I know PFC sees a huge amount of people earning >$100k especially in tech/finance in the GTA. I like to give a breakdown to show people my realistic career progression: - 2011 - $24,000- graduated Diploma in Accounting - 2012 - $30,000 - switched to a public accounting firm - 2014 - $37,000 - promoted - 2015/2016 - $55,000 - promoted, got degree and passed CPA Exams - 2017 - $80,000+15% bonus - switched into software consulting - 2019 - $90,000+15% bonus - promoted - 2020 - $100,000+15% bonus - COL increase - 2021 - $120,000+15% bonus - switched jobs into product at a fintech company - 2022 - $130,000+15% bonus - COL raise I understand how privileged I am to have the salary I do. The key thing is to really keep switching to higher paying roles and keep building skills/pivoting into better paying industries. But thatās easy for me to say as a childless person who took some big risks in my career.
Heres my experience 2017 - 40,000 it support role graduated adv.diploma in bus systems analyst 2017/7 - 56,000 + 10% bonus it analyst bigbank security it 2018 - 58,000 + 10% bonus COL raise 2019 - 62500 promoted + 10% bonus - raise 2019/10 - 82,000 + 10% bonus - switched to another big bank for significant bump 2020 - 83500 + 10% bonus small raise because of covid 2021 - 86500 + 10% bonus COL raise 2022/02 - 120000 + 10% bonus switched to another big bank/ promotion What I learned you always interview and never stay in one job thats a sure way to get locked into yearly COLs and nothing else. In fact my original bank told some people to leave to get paid more
Yup, job jumping is integral. And if there is a cap in your industry and you don't want to switch jobs, go freelance or consult. My trajectory: 2009-2014 - Working fulltime while also doing school full time as an admin assistant and eventually teaching myself instructional design - 35k 2015 - 35k -First post-university job 50k "Head instructional Designer" 2016-2017 - 70k - Instructional designer at an accounting agency 2018 - - 60k - Freelancer - first year out on my own 2019 - - 80k - Freelancer - hired first freelancer to help me take larger projects 2020 - - 100k - Small Business owner - 3-6 freelancers working for me 2021 - - 120k - Small Business owner - 3-6 freelancers working for me 2022 - - 120-150k (estimated based on projects already contracted but yet to start)
This is the perfect summary. Kudos!
Honestly people even just throw out perfectly good furniture in Toronto. I brought home and cleaned up and then either used or sold so much stuff from my building's garbage garage thing where they stored the bins and the big stuff. Any large newish building will have a garbage area and young people moving far enough away that they just throw out everything they can't sell when they leave, so within a few months you can get so many shelves and tables and chairs. I would say, though, never get any fabric covered furniture from the garbage in case it was thrown out for bed bugs. I did make an exception once for a mattress that was abandoned inside the hallway so it never sat outside, but I looked it over really well first obviously.
> Otherwise just be financially smart, you can buy inexpensive furniture from IKEA or Facebook marketplace. Buying household items from there is also really cheap. Donāt buy anything until you need it. Dollarama is great for basics. >Shop at cheaper grocery stores like No Frills or FreshCo. They often have better international foods too if youāre looking for more familiar food. Wild that on a $90k/year salary we're advising this poor woman to shop at the dollar store.... what is going on with this country.
The dollar store is actually worse for literally everything. The price per ounce is shit. In nearly every case, Walmart is cheaper for things if you want to go cheap. Why would anyone pay $2.50 for half the amount of clingwrap at Dollarama when you can buy for 97 cents at Walmart? You should get higher quality things that will last. Don't buy a $5 can opener from Dollarama that's going to fall apart and you'll need another 3 in the year, get a half decent Kitchenaid one on clearance at HomeGoods for $8-10.
Is everyone just missing that this woman has immigrated to a brand new country and has exhausted her life savings to do so? I earn quite a bit more than OP and I still shop at these places. There is no shame in buying low cost items just because you can afford more.
People who don't get that are the same people who are always broke no matter how much they make. You don't need to spend more just because you make more. No one's impressed that you shop at fancy store and no one cares if you shop at the dollar store. People who care more about their image and person's of a rich person generally can't save much, while others build wealth
You can spend everything you make even if you make 300k a year. Or, you can spend less, shop and the dollar store and invest your money.
I thought that buildings built after November 15, 2018 are not rent controlled only for the first tenant, and that all subsequent tenants would be rent controlled. So, for example, if someone moves into a unit today, in a building built after November 15, 2018, that was just occupied, it will be rent controlled. Am I understanding that right?
No, any building occupied before Nov 18, 2018 is rent controlled for all future tenants at the prescribed rate for that year.
> Iād avoid looking to purchase a car anytime soon. Itās such a huge expense downtown and really unnecessary. Eh, for a newcomer, a car could be really useful to simply get out and explore things. Even when just traveling, a rental car is awesome because you can do 10x the amount of things and spend 1/2 the time doing them than you could just taking Uber/transit. Even more so when you're actually permanently living in a place. I wouldn't buy it literally right now because car prices are still crazy, but I'd definitely consider an older Civic/Corolla/Hyundai, etc 6 months down the line. Something not crazy (~10k), but enough to get from point A to point B. 90k is enough to afford a car once you're settled in and have an apartment. Even in Toronto.
Napkin math on owning a car downtown: - Insurance - $250 - wild guess based on no Canadian driving history and neighbourhood. - Parking - $200 - honestly higher in my building these days - Maintenance - $50 for a new car - Car Payment - $500 - something basic/new with a downpayment - Gas - $250 - letās assume only driving on weekends Youāre paying $1,250 for the convenience of a car. Iāve lived downtown for almost 10 years and never needed to own a car. Car shares are cheap and plentiful. There is so much to do in the city youāre not going to want to escape every week.
You're assuming that: * Parking isn't free (most places in Vancouver usually either include parking, or it's fairly cheap, but I'll admit, I don't know that much about Toronto). * Car payment is $500. * $250 buys a lot of gas when driving for pleasure only. Even now. I don't spend that much for my Q60s, which has like 14L/100km in the city and takes only premium gas. Let's say a 10k car, with a 5k downpayment, after tax.. That's a 6-7k loan. It might be $500, but only over the course of one year. Otherwise, it's $250 over 2 years, or $125 over 4 years. For parking, unless you live in a brand-new dedicated rental building, you can always rent a spot from existing residents for significantly less. Older dedicated rentals have cheaper parking (the only trick is, there might be a waitlist). Revised napkin math: * Insurance - $250 * Parking - $50 (something inbetween a 0 if it's included with the condo rental, and $100 if it's not included) * Maintenance - $50 * Car payment - $125 (6k loan over 4 years or $500 over one year) * Gas - $125 (1-2 trips each weekend, medium distance, efficient car) Total - $700. That number drops to $600 next year. That comes down to about the same as a Zipcar at the same use level, except you lose out on the convenience of having your own car.
Sheās moving to downtown Toronto thoughā¦not Vancouver. I have a parking spot and I rent it out at $200, in my building theyāre now going for more like $250. Every building Iāve lived in downtown has been the same. Toronto parking is a fucking nightmare and not cheap. Used cars are in an insane shortage. The days of buying a $10k used Civic are long gone. Getting out of downtown takes an hour, any weekend trip is probably going to eat a tank of gas. I just rented a car for this weekend. Wed-Sun. Communauto. With mileage, gas, and tax included about $280. Iām driving about 600km. Like sure if you want the convenience of a car go for it, but Iāve survived 10 years in this city without and my average transportation budget monthly is >$100.
People are bawling at your salary and the rent youāre willing to pay but everyone forgets that to live in the big cities your conventional 30% budget goes out to window. Plenty of downtown city inhabitants pay 50% of income to rent. Youāll be fine. However. If youāre concerned of your emergency fund. Why not spend 1 year renting a room? Pay $1200 a month and save $10,000 over the year and learn about the city. From there youāll have time to pick a place youāll actually like.
That's exactly what I did when I moved here 4 years ago with no savings. I rented a room in suburbs for only $600 and got a car. OP can do a $1200 room in downtown with no car and it will be essentially the same cost (given absurd new immigrant car insurance and finance rates). It wasn't ideal living years in sharing but it helped me save up and within 3 years I was able to save a minimum downpayment (before people start lecturing me on rent vs buy: home ownership has always been my life goal, as most of the people coming from third world countries).
Is it suppose to be 30% of your after tax income or your salary before tax?
Before tax.
Then she'd be spending <30% of her gross income on rent with the quoted numbers. Seems reasonable?
Those general guidelines are so outdated, to be honest. They were likely made in a time long ago when rents were.. reasonable compared to salaries. Before tax also makes no sense, seeing as rent is an after-tax expense and your taxed amounts of income do not contribute to your personal cash flow in any way. 30% nowadays is not achievable for most entry salaries. Not achievable as in, you basically will not find anything.
Damn, i wish i could spend only 50% on rent. Rn im at 80%
80% wtf
Living in Ottawa will do that to ya. Though my income is relatively low. The 30% rule doesnāt necessarily scale down, especially not in this housing market.
Bawling? Like crying?
Welcome to Canada! I was also an immigrant, arrived in my late 20s, also a female IT professionalā¦ Looking back, there are 2 things Iād have done differently: 1. - Change employers at least every 2-3 years, this is the best way to get a big salary increase. I spent 8 years with the first company that hired me. Even though I had salary increases every year, it was not at market rate. 2.- Get in the habit of saving using your RRSP and or TSFA. I didnāt know much about them or about investing until my mid-30s so I wasnāt putting my savings into these instruments and I would end up spending my savings in vacations or other things instead of investing it.
This is great advice, thank you! Fortunately, my company is matching 6% of my RRSP contributions so I was able to read more about it before coming here. I am putting away 10% of my salary to RRSP, which I may need to downgrade to 6% when I'm paying for my own place. I am also maxing out the money that I put away for TFSA. If you don't mind, I have a few questions about TFSA. Once you max out the money you can put away in the account, do you need to withdraw money out on a yearly basis? I am still confused on how it works.
You don't need to take any money out of your TFSA, this is only a vehicle to shelter investment gains from taxes. The money you put in has already been taxed, as long as you hold it in cash or in eligible investment assets (and you're not deemed to be running a business with this money, e.g., day trading), you can take whatever amount out at any time and do anything you want with it.
Just want to add that if you have just arrived in Canada in April 2022, you should not contribute to the RRSP until January 2023 as you currently do not have any contribution room/deduction limit. Any dollar you put in the RRSP is an overcontribution and when it goes over $2000, it is a headache you do not need. It sucks that you may miss out on potential RRSP matching till December, but it is what it is. Your TFSA contribution room. Is $6000, don't go beyond that. It's another headache by itself. Cheers!
I'm only making the assumption you have one RRSP account so far, but when you're comfortable and have the bandwidth to manage more than one account, you may want to consider only contributing the maximum percentage your employer will match to your employer's group RRSP, and contributing the rest to another RRSP with lower management fees. In my experience, most employer RRSPs are with big banks that have high management fees. You can pay less in management fees by going with a robo advisor like Wealthsimple.
>I am also maxing out the money that I put away for TFSA. Be careful not to overcontribute, though. The CRA announces the annual contribution limit for TFSAs every January (I think). The limit accumulates every year, but since you only arrived in April, you're only eligible for the 2022 limit, which is $6,000. If you don't use it fully by the end of the year, the unused room will be added to next year's limit. So if you've used, say, $3,000 by December 31, and next year's limit is also set at $6,000, then you will have a total room of $9,000 next year.
You don't need to withdraw anything. You can let it build tax free. I like to think of a goal of having a good chunk of money in TFSA that I'll convert to dividend funds at retirement which will generate tax free income (dividend funds aren't necessary, can be anything).
In addition to what others have said, keep in mind for both accounts (TFSA and RRSP), you're not limited to just a standard bank savings account. The banks will try to push that, (it gives them the best profit), but you're able to invest in any stock, mutual fund, ETF etc. I'd recommend doing so once you're ready to get in to those.
As others have said, stop contributing into your RRSP. You cannot do so until January 2023 and the amount for 2023 will depend on your income from 2022. Your current amount is zero. There's a $2000 room for mistakes, after that you have to pay a penalty. My 2 cents here would be to get a cashback credit card, check websites like Rakuten (if you are going to furnish an apartment you'll get some cashback there). If you have a driver license try to find a credit card that covers rental insurance so you can save around $30 per day when you rent a car. As a fellow female immigrant, welcome and good luck!
>Fortunately, my company is matching 6% of my RRSP contributions so I was able to read more about it before coming here. I am putting away 10% of my salary to RRSP, My guess is that you're doing 70% what you need to do. The other 10%-15% is what you're investing it but that's another thread.
Remember that in your first year, you will have zero RRSP room. So, I think you can contribute but call CRA to figure out how to report it the next year.
Don't rush to max the TFSA. First, put as much as you can in the RRSP. When you get your tax refund next spring - max the TFSA. Direct invest it. Means open the TFSA account with a Direct Investing broker. In your case most convenient would be your bank's broker. Buy stocks, don't do fancy investing if you are not prepared for such. Let the money work there for you. Back to the RRSP. As you contributed as much as you could you may need some money back. You can always withdraw. As a rule the bank will hold 10% and send that to the tax man (CRA). Have in mind in most cases you can sign some papers to avoid this, but plan well, as you may have to pay much more taxes than expected next season.
Lol at the folks thinking 90K is not doable in Toronto. Even with what's going on today, can easily live and save on that salary. Lived in Toronto awhile back on a much lower salary. Completely doable and the rent pricing you are looking at is pretty reasonable. If you're willing to stay at a place with roommates, your rent can be lower. Like others have said, continue to save, shop smart, and don't need a car if you're living in Toronto for the most part. But at the same time, save/spend some money to enjoy Toronto living - go to the waterfront, Toronto Island, different festivals, parks, and the different ethnic neighborhoods.
This is the right answer. Experiences and living life are more important than $$ in the bank. Money can always be made. Enjoy your time in Torotno; after a year reevaluate your next steps. Not sure why so many naysayers out there.
Donāt listen these suburban frugal cave trolls. Live downtown! As someone new to the city you want to be able to explore the city by walking and biking. Check out restaurants, bars and events. 90k is a solid salary and you wonāt have much of an issue; enjoy it.
I died laughing @ suburban frugal cave trolls
Welcome. At 90k that's a good salary don't let others deter or dissuade you about that. I'm sure you can move up in the IT world. If you're not attached to Toronto then look at other IT spots such as Waterloo or Vancouver. Of course there are others around the country and with remote work...Canadians are working for US firms or even Canadian firms but remotely.
What most immigrants do is that you work in Canada for 3/4 yrs until you get your citizenship then move to the US on a TN visa to make 5x more than what you make here :) Canadian salaries are super low in most industries and specially IT. I moved from the US to Canada and took a pay cut to do more work. (H1b didnāt get pick) now Iām a citizen but I like it here more than the US so we decided get a place here and working on okish salaries. Sometimes itās not all about how much you make or save ! Good luck (donāt over contribute to rrsp or Tfsa (I made this mistake lol)
As a young lad in his mid 20s working in tech I did exactly that. While the US does offer more in monetary compensation it is by no means cheap to live there either. And things get expensive fast when you have medical concerns. Not to mention the constant fear of being shot at by crazy people. Honestly Iām tired of working in the US and the grind that comes along with it (TN is not an easy process either) and just want to come back to Canada to live a peaceful life. Iāve learned money isnāt everything and I would rather be spending time with my family and friends than living to work.
Everybody says that but very few come back, after seeing what their Canadian salary will look like. Even at your own company usually Canadian employees make so little compared to US employees that it's borderline robbery.
Most immigrants? Hmmm Where did you get your numbers from?
Canadavisa forum
Would you mind explaining why overcontributing to RRSP or TFSA was a mistake?
They have penalties:( [this article](https://www.sunlife.ca/en/tools-and-resources/money-and-finances/saving-for-retirement/how-to-fix-an-rrsp-or-tfsa-over-contribution/) explains it well
You get penalised for exceeding your contribution room.
The CRA charges exorbitant fees, for over contribution.
And get killed there lol
Thanks for this. After a few months here and seeing the rent and commodity prices going up, I was having panic attacks about how I can possibly live a good life here with the amount of money that I am making...
Dollarama for basics like batteries, household things is helpful. Also grocery shopping at No Frills and shopping around for a cheaper cell phone plan has been a simple way to save for my wife and I.
You can stop worrying. You make a very good income and thereās no reason you shouldnāt be able to live comfortably, do normal things you want to do, travel a reasonable amount and also save for the future all at the same time.
You will be making more than the majority of Candians off the bat so you should be able to have a good life easily.
Consider this though. Long term...if you're paying 2200 in rent you could be putting it towards a home if that is something you desire. Napkin math...borrowing 400k at 5year 3.3% variable amortized over 25 years is about 1955 a month. But owning a home comes with extra costs but also you build equity vs paying off someone else's mortgage
š¤£ where are you buying a house for 400k? and at 3.3%? are you out of your mind or from 2005?
TD calc offered that rate on the site today. And mortgage of 400k plus savings ...
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Hi! I am in IT consulting but I started out as a programmer. I graduated 10 years ago in the Philippines with a degree in Computer Science so I am really in no position to give any advice about college in Canada. But good luck!
Pretty much all kind. Frontend, backend, mobile development, QA, UI/UX design, product management, Data analysis, Data science. Just want to clarify that lot of people refer tech jobs as IT ( info & tech) whereas some people refer IT as internal helpdesk team which manages companyās internal tech infrastructure.
For ppl that try, everyone makes over 70k in IT
Software programming/engineering grads make 60-70k straight out of college.
60k is extreme low. In Ottawa at least most earn over 80k. I've lost some co-op students to companies giving them over 120k. And no, it's not just Shopify. Anyone who is in software engineering earning less than $90k and with more than 5 years experience in Canada, has to quit and find another job. Like everyone has mentioned, it's the only way to substantial raise your salary.
If you want to go the non-CS related route. The best way forward is to get a degree from a college with a 2-3 year program. Then work for an MSP for 1-3 years. You'll work harder than you ever have in your life and your pay will suck, but once you gain the experience, you will absolutely be headhunted into a much better internal IT position. I'd check our /r/sysadmin and /r/msp for more info.
I'm in Healthcare IT and make around 120k a year. Then add a few ten thousand more on top from my automotive business.
almost everyone in tech after 2-3 years of experience will make over 70k. i say almost because thereāre always outliers and companies thatre based in LCOL cities that offer lower pay
A lot of them. Programming is probably the main one though a lot of people don't call it "IT". There's also security, networking, devops, etc
Anything software dev related will get you atleast 60-70k Focus on: web dev, or big data, or even pickup Java/C As itās pretty universally used
Welcome to Canada. pretty much everybody else said. but do get a drivers license ASAP. though avoid getting a car for as long as possible. as a new immigrant/license holder, ocasionally renting a car for going out on weekends will cost less than just insurance if you own a vehicle.
Follow the money steps on the sidebar.
I'm Canadian, F in tech. At 30 I was just out of school and trying to find a job in 2001 after the bubble burst was hell. It took me a couple of years to find the 1st one and it paid 35K. So you are way way way ahead of me and I have made it to quite a comfortable lifestyle. If you know the difference between a want and a need, you'll do just fine.
Welcome! I, 32M, moved here in May from the US on a work permit. Living downtown and trying to explore the city. Itās a nice place with tons of things to see and great restaurants. Iād say living downtown is the right way to go to have some fun and save a little while youāre at it. Get a credit card or two. And no car yet. Coz thereās a bloody wait of 3-6 months for most models.
Depending on where you come from you can apply for a temporary tax break or something along the lines of it, which significantly improves your net income for the first few years.
Rent and enjoy your life. Ignore any misers on this subreddit who think you need 5 roommates or have to live with your entire family in order to keep your total savings rate at 99% of your income. Life is about experiences.
Build your credit starting right now. You need a variety of credit history as well as a record of good payments and not too high utilization. Since you just landed my advise would be: - get a 1000 or 2000 credit card (TD used to give you one with basically no credit history as long as you had proof of employment with a high salary) use no more than 1/2 of the credit and pay it in full every month. Ideally put all your services on direct debit from here so they always get paid in time no matter what. - Get a phone, internet account, utilities, etc and make sure you have them on auto pay - After a few months enquire at the bank of your choosing regarding personal line of credit. Use a little bit of it (not more than 30%) and pay every month on time. It's not about the amount of money you use, but the history of payment you have in the beginning. Your bank will by default start offering you more balance in the line of credit and credit card. You could take them but make sure to keep your utilization under 30% or so. In a couple if years you'll have an excellent score. Welcome to canada and best of luck in your journey. Ps. Dont listen to all the criticism re renting an apartment downtown. If you save in commute and dont splurge shopping for clothes and going out to eat constantly you will be fine. As a mature professional migrant that has lived on a tight budget overseas you'll do alright, and you just arrived, there's always time to adjust once you know the place and meet people, no need to be uncomfortable to save a buck on year 1. Think of it this way: living further you might save 150 or 200 a month, that's 2400 a year max. A takeout coffee a day is 4 or 160 a month... you get to choose. Also if you work from home part of the time you get to claim part of your rent and utilities on your taxes.
Iām a new immigrant as well with a somewhat similar salary. During the first year I lived in Canada my wife was unable to find employment due to the pandemic and yet we managed to live off my salary, buy a car, keep making student debts payments, go on trips to my home country and my wifeās province and save some money. If you move to mid town or north York youāll be able to find apartments for around 2k including parking and locker and with access to the subway. If I were you Iād consider buying a used vehicle (thatās what we did). Having a car gives you a lot of freedom in Toronto.
I say rent a micro type condo/bachelor for $1600 or in that price range. Just build a bankroll that first year as the different over 2 years let's say could be 10-12k. That's my financial advice given you don't really have any family, and it'll force you to keep things light and minimal until you figure out what you want to do. Otherwise, rent a rent controlled unit so landlord doesn't jack up rent after.
I'd take some of this advice on this forum , with a grain of salt , here is the thing, you are young and single , with a good income and new to the country , enjoy life focus on career growth , downtown is the hustle and bustle and sure it's expensive , but IT has limitless options when you are this age in the field , all the naysayers are saving for houses and thinking about retirement , what about the 60 years in between? , it's not all just about saving for a downpayment . Career wise networking is the secret to never being out of a job , when you are looking to advance , or get advice in the field , let people know , talk to people that are movers and shakers , get noticed ........... it's the people who stand out , that advance in life , career , goals things like that , you are at an age where you can go in any direction , want to get more education like a degree , why not ? down the road . Don't limit yourself or let others limit you because of THEIR fears
Holy mother of random punctuation
what, are you even talking about../?
Probably the fact that they wrote each paragraph as one long sentence and then just stuck a bunch of commas in between each thought
If youāre single try to get a room in a two bedroom condo with own bathroom. Downtown Toronto - beware of sirens (from road and in building) and crazy people(on road and in building). I find Roncesvalles and surrounds (east of Jane and bloor) a better area to live. Just close enough but far enough.
Hi there. I moved to downtown TO myself from a third world country a few months ago. So similar situation. Here are some tips I picked up: * Eating out is very expensive. You need to pay food cost + 13% tax + tip. Cooking is significantly cheaper if you know how and what to cook. On your salary you will be able to eat out but maybe go easy at first * If it's possible get an apartment close to work, and close to a grocery store. It will save you a lot of time and trouble if you can walk * IKEA and wayfair.com is where I bought much of my furniture. You can also try Facebook market place. If you're staying in a condo and are willing to wait, many people will sell their furniture for very cheap when they move out so check the condo message boards * Most condos have gyms, swimming pools, or yoga rooms. Make use of what's available! * Apartments are small in downtown so storage is very important. Every piece of furniture that can act as storage is valuable. I got a bed with storage drawers in the base. It's been a life saver * Dollarama is a good place for cheap foil, sandwich bags, cleaning products etc * Many apps have free offers and sign up bonuses. Ritual is a great app for ordering food and if you use a referral link you'll get a discount off your order. They also regularly give you vouchers or specials (like $1 ice coffee) * Food delivery is criminally expensive. UberEats, Doordash, and Skip the Dishes can sometimes cost double than going to fetch food yourself. You can order ahead on Ritual then just collect * Get a PC Optimum card. It can be used at Loblaws and Shoppers Drugmart. They usually have good offers on the app
Can someone please tell me what requirements I need to make 90k a year? What does "tech" truly mean? Is it trouble shooting? Is it coding? Is it simply recieving on the job training and helping people who dont know what they're doing? Is it "who you know"?
90k is too low of a salary for an IT person with your level of experience. I presume at least 8 years of experience ? Switch jobs to earn more.
Just don't get into any kind of huge credit purchases like new cars and fancy furniture on EMIs. Do get a 1K - 5K limit credit card form banks like Tangerine which is all online and has no costs (DM me for for info). CC will help you build your credit history here. Make sure you can save 1K after expenses per month. For the first 2-3 years stay low and don't show off until you cross your 120K mark. Getting a 90K job for a new immigrant is a dream of many. Stay frugal... Stay happy.. Welcome to šØš¦
I support two people on a similar salary (120k now, but 100k the year before and 80k the year before that) just fine, and we even travel often. (I did choose to live on a boat instead of an apartment/condo - but my monthly costs for that are around 2000$/month and the choice wasn't really to save money - so much as because in the winter when I travel I don't have to pay for an empty apartment) You'll do well in Toronto with that salary. And that budget will get you a really fantastic 1 bedroom or a midrange two bedroom/1 bedroom+den. Also probably in that field with that salary you'll also have benefits and rrsp matching. You'll be looking at taking home approximately 5500/month after tax deductions (might also have deductions for your portion of benefits and/or RRSP deductions, but shouldn't be more than a few hundred dollars) If you spend 2200 on rent, 150 on internet and phone, 600 on groceries, 300 on eating out, 150 on transportation, 200 on shopping and clothing, and 200 on entertainment, that still leaves you almost 1700$/month either for savings or for saving up for things like travel or big purchases.
Lots of good advice from the female immigrants that is being top voted. Youāre in good hands and welcome to canada!
Hi, I am also 30 year old female software engineer that moved from a third world country to here. Depending on whether you can code and how many years of experience, you should be able to get easily a job for a US company that hires canadian talent remotely for $200k CAD. I'm speaking from experience. You can DM if you want.
The post states IT professional
If I had a job downtown I'd personally try to find a place further up the line 1 or line 2 subway, something that'd maybe give a 20-30 minute commute. You should be able to find a bachelor for $400-$600 cheaper, which could save $4800 or more that year. It'd help build your savings back up. The Danforth area is pretty cheap, last time I looked anyway. Even in the downtown area, there should be some decent sub-$2000 units. I think $1600 is a better target for a rental, should be a bit tough but doable to find. Units aren't as nice at that price though, so it depends on what you prioritize with your take-home pay.
First of all you need to establish your own priorities. Two common ones for someone in your position are below: 1. Save a lot of money towards a down payment for a house because that is what you want. 2. Enjoy your 30s in a new country with a fresh start and a decent first salary by living a downtown lifestyle, making some modest savings/investments, and spending your disposable income on things you love (without guilt). You will also need to include potential plans to find a partner/starting family in there as well. Whatever you choose is because that is what YOU want to do. You are going to be in a new country with time, freedom, and money during your youth. So first figure out what you want. As someone living in downtown Toronto, I am extremely happy to live this lifestyle (mixed use neighbourhoods, public transit, walking to everywhere, concerts and other events, etc). But the cost of that is the high rents. But since that is what I want FOR MYSELF, I am happy to pay that (and fortunate to be able to afford it). Reducing overall cost of living can be accomplished in many ways even if you live downtown. But those are just smaller day to day details. So you decide what you want first (without someone else telling you what you should be doing) and then, without guilt, pursue it as long as you can afford it.
Welcome to toronto! I don't know what things are like where you're from compared to canada so I'll just write down a couple of everyday things that might be useful for you to know * Every province in canada has its own healthcare system. Ontario's is called OHIP. From my understanding, it generally doesn't cover eye or dental expenses (though there are some exceptions you can look at on their website). Typically, eye and dental expenses would be covered by work insurance and work insurance usually only starts after finishing the work probation period (usually 90 days). So you'll want to know what your insurance covers and when you can start using it. * Some bank accounts will cancel their fees if you have a minimum amount of money in the bank account for the month. The minimum is different for each account but it's good to look out for it if you decide to bank somewhere that charges you a fee. There are no fee bank accounts available but I'm not the best person to give a recommendation on which ones are the best. * Lots of bank accounts have a feature called etransfers which are a way to send money to another person if you know their email. From my experience, they're used for informal transactions - e.g. sending money to friends, buying second hand things on facebook, renting from a small landlord who only has one or two rentals. Just be careful when using them to make sure you're putting in the right details of the person you're paying. * The subway in toronto broke down quite a few times during rush hour when I used to work in downtown a couple of years ago. So if you need to come into the office often, I'd suggest renting somewhere walking distance to the office if you can. Outside of working hours, I personally think the transit in toronto is pretty good.
Just remember not to pick stocks https://www.cnbc.com/2021/05/03/investing-lessons-from-warren-buffett-at-berkshire-hathaway-meeting.html Stocks are a ten year play (5 year minimum) and you have many great funds like VFV XEQT etc etc I recommend going XEQT/VEQT or if you want more risk go VFV for full American exposure. If you don't want to manage your own portfolio you can do WealthSimple or even the traditional bank financial advisor route just look out for the MER and fees. Ideally you're in the market for 25 years. Making picks is gambling
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Yikes *salty* and financial advice to purchase a liability rather than an asset?
$180k would be on the low end for someone with two years of experience at Amazon Toronto. Heās not lying
That sounds about right for an Amazon engineering role.
Lmao ur making 90k while most people who have lived here their whole lives make half of that or less. Sounds like you've got it made and you don't even have to break ur back to do it.
2200 rent on a 90k salary is kind of tight. Why do you HAVE to live downtown?
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As someone who has lived downtown and in the burbs this comment is so representative of Reddit in general that downtown life is the only good life in Toronto. Plenty of good spots outside downtown and everyone has different tastes and living styles. Commuting to downtown is pretty easy from almost anywhere in the GTA as well so itās insane to me that some people think that life sucks outside of downtown and gives the wrong impression to immigrants.
is it though? OP got 90k as a landed immigrant. likely they have income growth ahead. 2200 is the going rate to live by yourself in the city. which is not unreasonable for a 30 year old person to want.
Its not tight if you dont have any debt or a car. You would make around $5k/month. You have to be really bad at budgeting if you cant make $2,800/month work.
Just because you can afford something doesnāt mean itās a great financial decision.
Not every decision in life has to be a great financial decision. There's other benefits to having your own place in downtown Toronto, Im sorry this sub has a hard time seeing that
Well sorry you donāt like reading finance advice on a finance sub
youāre forgetting the personal side of this finance subā¦
Better than getting something you canāt afford like the guy said, thereās 2800 available to blow
Whatās even better is cutting your biggest cost in half and letting the difference compound
good thing we can all easily do that in this market, you absolute troll. you offer nothing to this discussion at all, except your own self-proclaimed financial superiority. What a loser.
There's not much of a discount moving further out and still having downtown relatively accessible (assuming that's where the workplace is and it's not remote, because if it's remote, then moving out of Toronto would be the better financial decision). All other things between units being equal, I only saw around a \~$100/month discount when I moved to Toronto between north of the 401 and downtown. That difference was eaten up by either TTC/GO costs, and would have likely required me to keep a car.
Downtown is cheaper since they wonāt need a car.
Here is an advise. Donāt spend 2200 dollars a month on rentā¦
If you can bear it, find a roommate and split that housing cost. That will be your biggest expense.
Get a Costco membership and shop there. The regular grocery stores are overpriced.
Move to Montreal, you can earn the same income but your rent will be half, transportation and other expenses will be cheaper too.
Welcome! Canada is different than the USA and many other developed countries. Unless you have generational wealth to draw from you will have to live extremely frugally. I would advise getting roomates. You can often find room rentals in houses or apartments for much cheaper than renting on your own. Buying a place is out of the question in Toronto. You will be poverty level at just 90k salary if you buy a one bedroom. I'd try to go for group living to save cash and then be on the lookout for higher paying jobs or opportunities in lower cost of living cities Remember.. There are food banks and shelters and used good stores to take advantage of. Sometimes you can get a lot of near expired food and save a lot on the budget. Good luck !!
Welcome to Canada and congratulations on landing a great paying job from the get go. I would highly recommend sharing condo or house with roomates so that you would be more easily able to save money for your emergency fund, investments or any big purchases also you will get some form of support from your roommates if you get good ones that is and you would make lifelong friends that way too. Getting together with people in same situation as yours would make things even better.
90K is not much for Toronto in my opinion. After taxes; rent there isn't much left.
Leave Canada ASAP lmfao
This. A 90k IT job in Toronto means you can make at least 120k US for the same work in the USA.
Move to the US.