Moving to Mississauga as IT PM
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80k is sufficient amount to start with. Don't worry much about it. Having said that, your expanses and savings are entirely your discretion.
Rest assured, you're getting a great deal and will be in a better position than majority of the immigrant population. Project Management is in a great demand, and you will only go up from there. An year and a few successful projects in your kitty, you will be worth about (or more than) 125k/annum.
So, hop on!
Quote:
Originally posted by Fido
I think your take home would be 4.5K pm with health coverage.
Your expense would range b/w 2 - 2.5K pm... lets consider 2.5K
Your savings would be 2K pm which is greater than Rs 1 lac pm or what you are making in total currently.
Assuming that out of your current salary of 1 lac pm you are able to save INR 60K pm.
Your increased saving pm would be 110-60 = 50K pm or 6 lacs more per year ...
This offer would be equivalent to getting INR 1.75 lacs gross in India.
Your call !!
BTW - Is your current salary of 1lac / month before or after taxes ?
Great analysis! Just to add, a lot also depends on your long term plans. i.e. whether you plan to settle in Canada long term or plan to to go back to India after a few years and are primarily coming to boost your savings.
If the former, then the offer is a good starting offer and fair in my opinion. Don't look simply at savings per annum. You may spend some of the otherwise "saved" money into building more competencies or certifications to grow in your career, so it is all an investment into your future. In any case, you and your wife should be able to live comfortably here with that salary.
But if your plan is to return to India after a few years, you have to evaluate whether the additional savings per Fido's calculations above are really worth the emotional/fiscal investment in the cross-continent move.
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Are you there?
Looking into both side of coins,
80K is good package for a starter in NA. It is sufficient (more than) to live and save and enjoy life considering only 14.2% of Canadians earn above 75K and only 7% above 100k. Moreover for an Indian family, who cook at home all days, savings will be high with that salary.
but is it an extremely good package? , nope. It is like starting salary for project manager in IT. It also depends what kind of IT projects are in discussion. I am sure 6-7 months down the line , seeing around and comparing with peers (basic Indian Nature) , OP will start to feel that he should have got better deal.
BL said it right, that OP should know his long term plans, if wanting to migrate , there is no better option to migrate with job in hand and fly on company expenses. If wanting to save money and go back eventually , still is a good option with some emotional distress and social life disruption not once but twice you remember.
Experience gain will be key factor , If I 'll have to take such decision.
Btw , your kids will be at larger gain if you spend 1-2 years in Canada and even go back, better language skills, good exposure and possible gain in confidence. Will go long way. No salary package can count in that.
Quote:
Originally posted by san-hugo
Btw , your kids will be at larger gain if you spend 1-2 years in Canada and even go back, better language skills, good exposure and possible gain in confidence.
Agree – kids will be at larger gain if you spend few years in NA but if they are teenagers and you decide to go back to India after few years, they will be in greater pain. Ask any teenager who has lived for few years in NA if she/he will be happy to go back and live in India. There may be exceptions but majority won’t like the idea – they don’t want to uproot twice.
So – think about the other side too. Kids will definitely go through great psychological stress and trauma both ways – once you come to NA and later when you go back. Believe me, for few, who think that they will stay for few years in NA and have a good exposure and later go back to their roots, it never happens. The two way trip will becomes one way trip and I am telling you from my own experience.
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A Delhite in Toronto
Location: God's own country
Posted on: 22-10-14 12:27:46
Sasi,
I am also based in Kerala. So PM me, if you need more info.. If need be I can come by your house and advise you with the internet as a tool.
Most points have been given by Seniors and they are all valid.
The OP said that he has no children so let us not take the thread that way.
I will give you 2 options to live and you choose :
1. Kanjoos option
Basement - $ 700 per month
Bus pass for 2 - $ 220
Food (cooked at home)- $ 200 a month
Entertainment - $ 100
Phone / internet / TV - $ 200
Total - $ 1420
2. Liberal option
Condo - $ 1200
Car insurance - $ 300 (Initial cost $ 5000 for a good second hand car)
Gas- $ 100
Food - $ 300 a month
Entertainment- $150
Phone / internet / TV- $ 200
Total -
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I am a Gents and not a Ladies.
Quote:
Originally posted by Sasi007
Hi,
I am an IT Project Manager with 10+ years of experience in India and my company is transferring me to our new Canada office in Mississauga (ICT-Intra Company transfer). I am offered CAD 80K per annum + other benefits (health insurance, bonus etc.) . Is this a good offer to accept? We are a family of two (me and wife only). What will be the standard living cost in Mississauga for a small family (rent for 1 bed room apartment, other costs)? Now I am getting INR 1 Lakh per month in India.
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Some of the links provided here under are current and the others are a few years old. But they still carry weight as the statements made there still holds good except in a case or two. But I urge you to read the articles prior to arrival here and explore the possibilities of increasing the savings during your stay.
Regardless of your staying here OR getting back to the country of origin, you will derive a lot of benefits and savings if you have some one to help you with the Canadian Tax system. If you stay, some of the funds taken away from your pay will fetch you a substantial increase in your Pension here in Canada and if you leave after just a few years of stay, then, they will be lost for good, bearing in mind that you can only return back into Canada only if you gain your Citizenship of Canada. Currently it is up to you to plan and make the decisions for your Future.
Here I am making an assumption that there are only two of you in Canada and your present income is $80,000. But the table does permit me to project it up to a figure of $85,000 or there about and you do have a chance of a take home pay of a sum of $5,000.00 p/m even with a 10% Bonus. As regards the bonus you should study the options that are made available to you by your FIRM and how you can defray the taxes on such bonuses.
In my opinion you should seek the help of a financial consultant or an Accountant, knowledgeable with the Canadian system, if possible right there under your nose, failing which immediately after your arrival here into CANADA to maximize the monthly take home pay. It will be well worth your efforts.
http://www.cra-arc.gc.ca/tx/bsnss/tpcs/pyrll/t4032/2014/t4032on-gnrlnf-eng.html#_Toc337712790
ONTARIO. : http://www.taxplanningguide.ca/tables/individuals-taxation-ontario-2013/table-1-ontario-2013/
http://business.financialpost.com/2013/02/04/use-your-rrsp-wisely/
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/lmts-eng.html
http://www.thestar.com/business/personal_finance/2012/04/01/how_to_pay_less_tax_all_year_long.html
A VERY NICE LINK TO READ AT LEISURE :
http://www.taxtips.ca/personaltax/employees/takehomepaycalculators.htm
FH.
Quote:
Originally posted by tamilkuravan
1. Kanjoos option
Bus pass for 2 - $ 220
Food (cooked at home)- $ 200 a month
TK, Thing's have changed since you left...
A Mississauga transit regular bus pass costs $120.
As regards food, $200 is being conservative. We can debate over it, but kanjoos for food... I don't think so !!!
How about clothes, shoes, initial set-up cost.
Quote:
Originally posted by tamilkuravan
2. Liberal option
Condo - $ 1200
Car insurance - $ 300 (Initial cost $ 5000 for a good second hand car)
Gas- $ 100
Food - $ 300 a month
Entertainment- $150
Phone / internet / TV- $ 200
These days gas is around $1.20 / litre and that's probably the lowest in a few years. So $100 a month is a bit on the lower side.
As above.. clothes, shoes, initial set-up cost.
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Reiki Grand Master
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