RajeshinCA ji ....
If you are saving around $30K from 65K, do not even think about Canada ......... if saving is one of the criteria for moving to Canada.
Location: Western Hemisphere
Posted on: 15-01-11 09:45:41
Raj,
Thanks for clarifying your message. According to this link - http://lsminsurance.ca/calculators/canada/income-tax - your average tax rate for BC is 25% and marginal rate is 39%. Your take home pay is estimated at $75k. That's about $6200 per month.
If you aspire to save $3000 per month, that leaves $3200 for spending on all necessities and discretionary items.
Housing would be the highest percentage expense, regardless of how much it is. For a family of 3, we spend about $3800 to $4100 per month, but our housing itself is about $1800 (includes mortgage, insurance and property taxes). An apartment might be cheaper.
I'd say, your plan for savings and spending is doable, but I'd see what other Vancouverites have to say. Your expenses would be higher if you end up having car payments and such.
I don't know what assumptions are made in that tax calculator link, but taxes can be managed through proper planning of retirement contribution and taking all allowed credits and deductions.
-----------------------------------------------------------------
Dimple2001
Quote:
Originally posted by john26
I get 102K and I live in the province with highest tax rate in Canada. After paying taxes, mortgage for a 4 bed room house , utilities, car, three phone lines, internet, cable, land lines etc.. and eating out once a week, I am able to save 30K per year. I am not in IT, we are 4 members in family.
I think it is a very good package considering the current economic conditions in Canada. People are not able to get even half of this...
indeed so true
Rajesh,
The package is great, and consider yourself lucky (and of course skillful in haggling, if you did) that you are being offered this package. In this economy, After 13 yrs of experience in ERP and project management, I could not convince the consulting companies (big 4) to pay me 100k. I know companies are now taking advantage of the mkt situation, so I am settling on much less just because I want to move soon now. I have no targets of savings as you have, so I still consider I am better off that way and will lead good life in Canada with a 5k after tax take home monthly check.
Mind it your expenses will be almost double if you compare with Singapore but leading a good life is about attitude not about money.
Btw a family package above 45k is considered enough even for you to sponser an additional dependent to these countries. We indians have saving attitude because of next to nil retirement and health care benefits in India, its about time to shed that attitude to atleast half and lead a life you deserve.
I am sure you have accepted the offer by now :-)
Dimple , thanks for your input and yes, would be good to have some opinions from the Vancouverites as well. Tax link you provided was very helpful, thanks for that.
San-hugo,thanks for your input as well, for your information, I have not yet accepted the package, as I'm still evaluating the offer 
. This is the first draft offer from employer and have not started negotiating on any terms but more I read in this forum, increasingly I have this feeling that asking for better package might be difficult .
Thanks.
~Raj
Quote:
Originally posted by RajeshinCA
Dimple , thanks for your input and yes, would be good to have some opinions from the Vancouverites as well. Tax link you provided was very helpful, thanks for that.
San-hugo,thanks for your input as well, for your information, I have not yet accepted the package, as I'm still evaluating the offer
Thanks.
~Raj
Rajesh,
What dimple mentioned about the expenses are true for Metro Vancouver (Surrey, Coquitlam and other burbs) too. Gauging that your expectations about lifestyle, other creature comforts aren't too far fetched, it can be well achieved with the take home of 6200$. As you are ONLY a 2 member family, you might be able to achieve the kind of yearly savings you mentioned earlier, just don't let your expenses get out of hand. Spending & saving wisely comes natural to a South Asian and you will do just fine here in Van. And if you are a nature / outdoor buff you will LOVE it here.
I'd assume costs are more here than in Singapore (judging from my KL stint).
The biggest being housing (if you buy one) and $1200 is good enough for a surrey condo rental. I just rented a brand new condo for that amount with standard creature comforts and a decent location. Don't know where your office would be but going to downtown by car from Surrey would be around 40 minutes. There are options for decent public transport too from Surrey. Obviously there are other burbs that you could check out.
And as many others have mentioned not many folks get that kind of a offer on the 1st draft.
Oh and I just moved from Toronto and believe it or not I am getting better value for my money here than in Mississauga.
Good Luck!
RajeshinCa .. why on Earth would you want to move from Singapore (nice life, good weather, lots to do, near India) to a place like Canada.
I am just curious since Singapore is a place I think about migrating to. But you are moving the other way
Also you seem to be saving quite a bit in Singapore .. so why move?
