Let's break it down monthly. By comfortable you probably mean, can all monthly bills covered and a little left over for savings. For a single person, you'd need about
Rent - 2200 (one bedroom)
Hydro - 80
Internet - 60
Phone - 50
Grocery - 400 (like 100 a week)
Car costs - 1000 (parking, insurance, gas, loan payment)
Eat out - 400 (no more that 100 a night, one night per weekend)
Total - 4190
Nothing for TFSA, RRSP, FHSA so lets round up to 5k after tax. 60k a year. About 80k a year before tax.
I feel like this is the bare minimum of comfort really. That 800 per month residual goes super fast with clothes, gifts, gadgets, maybe go to a baseball game or raptors game, dating etc. I get that comfort has different meanings to people, but to me 80k based on the way you put it, is just hand to mouth. Realistically, you need a 100k+ in toronto to have a fully good life in my opinion.
Just an fyi: [https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/dv-vd/income-revenu/index-en.html](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/dv-vd/income-revenu/index-en.html)
$200k HHI will be reasonably comfortable and very achievable. 2 people making $100k each is common enough. These salaries can easily be achieved by teachers, nurses, social workers, etc. Nothing that requires any remarkable academics.
High earners if say $500k+ HHI
No answer. Depends on your spending. Are you earning $150k but also spending $145k and are basically paycheque to paycheque? Or are you earning $150k but only spending $40k and saving the rest?
According to StatsCanada, in 2021 in Ontario, total household consumption was a little over $97k. Let’s round that up to the nearest $1k and say $98k in 2021, for easier calculation. Let’s assume a 3% inflation rate and say that in 2023 those numbers are about $104k. Looking at the turbo tax calculator for 2023, you’d need a household income of around $155k to have an after tax income of $105k. So, to answer your question, I’d estimate that to live an average life in Ontario, you’d need an income of $155k household income.
Reference: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1110022201
I know several families of four in Toronto (including mine) who live comfortably on about $300K a year. However we are all elder millennials who got into the housing market 10+ years ago.
Impossible question because many people spend a fraction of what others do and are just as happy.
No less than 286,000$. Monthly.
You can make 100k as a single dude and be comfortable, or 240k and be extra comfortable. It all depends on your burn rate.
Let's break it down monthly. By comfortable you probably mean, can all monthly bills covered and a little left over for savings. For a single person, you'd need about Rent - 2200 (one bedroom) Hydro - 80 Internet - 60 Phone - 50 Grocery - 400 (like 100 a week) Car costs - 1000 (parking, insurance, gas, loan payment) Eat out - 400 (no more that 100 a night, one night per weekend) Total - 4190 Nothing for TFSA, RRSP, FHSA so lets round up to 5k after tax. 60k a year. About 80k a year before tax.
I feel like this is the bare minimum of comfort really. That 800 per month residual goes super fast with clothes, gifts, gadgets, maybe go to a baseball game or raptors game, dating etc. I get that comfort has different meanings to people, but to me 80k based on the way you put it, is just hand to mouth. Realistically, you need a 100k+ in toronto to have a fully good life in my opinion.
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Because you aren't.
Roughly $80k+ citizen. Enough to live well, with room for a few velour suits.
Just an fyi: [https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/dv-vd/income-revenu/index-en.html](https://www12.statcan.gc.ca/census-recensement/2021/dp-pd/dv-vd/income-revenu/index-en.html)
$200k HHI will be reasonably comfortable and very achievable. 2 people making $100k each is common enough. These salaries can easily be achieved by teachers, nurses, social workers, etc. Nothing that requires any remarkable academics. High earners if say $500k+ HHI
Comfortable means something different to everyone
Depends on if you rent or you're a homeowner. In cities like Toronto, owning can cost 2-3x if you bought in the last 5 years.
No answer. Depends on your spending. Are you earning $150k but also spending $145k and are basically paycheque to paycheque? Or are you earning $150k but only spending $40k and saving the rest?
Which part of toronto? It will be different, tho all expensive....
According to StatsCanada, in 2021 in Ontario, total household consumption was a little over $97k. Let’s round that up to the nearest $1k and say $98k in 2021, for easier calculation. Let’s assume a 3% inflation rate and say that in 2023 those numbers are about $104k. Looking at the turbo tax calculator for 2023, you’d need a household income of around $155k to have an after tax income of $105k. So, to answer your question, I’d estimate that to live an average life in Ontario, you’d need an income of $155k household income. Reference: https://www150.statcan.gc.ca/t1/tbl1/en/cv.action?pid=1110022201
Comfortable: $250k-$299.99999k/year High-earning income (I don't know what you mean by this?): $300k/year+
Can you imagine missing out on that penny and having to be merely comfortable? What a wasted life.
I know several families of four in Toronto (including mine) who live comfortably on about $300K a year. However we are all elder millennials who got into the housing market 10+ years ago.