bobosanman

I am sorry to pose a question that may have been answered a million times before. I did some cursory searches but most of the answers I found were either old or for people in family situations.

Here is the deal - I have an offer for 55,000 CAD. I will need to live in, or very close to downtown Toronto and I will need to have a car. I am single with no kids. I am open to shared living downtown, or a studio/one bedroom close to downtown. I believe that the job covers health and gives a generous amount for fitness. I am moving by car from the Philadelphia where my salary is basically the same and I am living most comfortably with a 800 USD rent for a studio.

From my research this is what I should be expecting:
Salary is 4583 before tax and 3483 after tax
Rent for a room downtown - 500-900
Studio/small one bedroom - 800-1300
Cell phone - 50-100
Utilities - 200
Internet (do not care for TV) - 50
Food (I tend to eat a lot and good food too) - 400
Eating out (rarely do expensive dinners but like doing lunches often) - 300
Gas/Car repair (only personal use, work use will be reimbursed) - 300
Car insurance (at 2500 per year) - 200

So when all is said and done costs are 2800 (my high estimates) leaving almost 700 to save.

Am I missing something? Please correct me if any of my estimates seem unreasonable. Thank you!

mandymoochops

I don't think that sounds too unreasonable for the cost of living - you may want to look online maybe at some local online newspapers in the Toronto area as they will have places advertised for rent so you can see realistically what you are looking at - but your figures seem quite doable.

That said i do live the other side of the country without the faintest idea of where Toronto is even - now wheres that there gun I gotta go shoot me some critters.

the part about not knowing where Toronto is was a joke in case any one has just fainted

dbd33

It all sounds workable to me but then I too live far enough out to shoot critters.

You likely need to add something for parking though.

Ben W Bell

Sounds reasonable for one person to live on to me.

gotoronto

It's doable if you are not picky about needing your own 4 walls and would be open to a flatshare.

By way of example, my landlord is currently advertising a room in downtown in a flatshare - large room with ensuite bathroom in a condo with swimming pool (outdoors, though) and small gym. It's going for $900. You should still have a good amount of money left for other expenses (around $2000 per month) if you can find something like this. I don't think you could afford getting a furnished place on your own downtown on that salary, though. Furnished is hard to find and even bachelors go at $1600 on the very low end, more likely $2000 plus. Unfurnished is cheaper, of course...

Car parking downtown would cost you around $200 per month unless you are happy to park on the street, which is less for a permit - I would not want to do that if I had a car downtown.

Does your job give you dental benefits and how much are they? Dentists cost an arm and a leg here, be prepared.

geo4

Yeah it's doable.

But get a rich boyfriend. Or a rich girlfriend. Or both.

R I C H

Your estimate of net salary might be optimistic, as a comparison here's mine:

Mthly taxable earnings: $5,386

Deductions: Canada pension, employment insurance, federal & provincial income tax, long & short term disability, employer pension.

Net: $3,387

alexx11

yes for a single person that will be fine
good luck in your new job
alex

bobosanman

Thanks for pointing this out - it seems I made a serious mistake. I based this on a thread that gave the total paycheck breakdown for someone in Alberta. I am guessing that Alberta is cheaper? (this is the thread I am talking about: http://britishexpats.com/forum/showt...light=60%2C000)

From what I understand the income tax rates in Ontario are:
15% country and 6.05% Ontario up to 37,000 CAD
22% country and 9.15% Ontario from 37,000 CAD to 55,000 CAD (in my case)
this yields a overall tax rate of 24.3% -> after tax earnings of 3,476 CAD per month.

Here are some more details on the job "perks":
* no copay for health - supplemental health care that is and 500 CAD for health account (not sure what that is used for if everything is covered, suggestions?) plus 1000 CAD for fitness account.
* 7 per pay period = 168 CAD for dental per year (limit of 1000 CAD - that seems rather negligible), full dental (no limit) is 432 CAD per year. This will decrease my net by 36 CAD per month making the take home 3,440 CAD.
* vacation is 15 days - this strikes me as rather low by even US standards but I guess I will have to deal.

My question is what else needs to be deducted? Are there any hidden taxes I am not taking into consideration? What is your estimate on the take home amount?

I also forgot the cost of parking. Can one find a studio with a parking spot downtown for 1000 CAD or less? I am confident I can find a flat share downtown (cursory look at craigslist postings) for less than 600 CAD (probably not that nice) but including $200 for parking may just make it more sense to rent by myself if I can find a reasonable studio.

I am not looking forward to buying lots of furniture - I will be needing a bed, a chair and a desk. Any ideas where these items can be purchases cheaply and hassle free? In the US I bought a discounted bed for $400, a leather (faux) swivel chair for $50 at Staples and desk and shelving for $50 on craigslist. Is this about right in Toronto?

dbd33

Used office chairs and desks can be had from a place on the south side of Gerrard east of Broadview, west of the Welfare Mall. They also have filing cabinets and the like. The big Salvation Army Store on Parliament is also worth a look. For a new cheap bed I'd look at IKEA.

windward

Very doable. You can find a really nice place downtown with the budget you quoted, though unfurnished as noted.

It's still garage sale season for your furniture needs if you're not too picky

gotoronto

Based on recent experiences, I suggest the full dental. Husband has no benefits, needed a crown, a root canal and a few fillings and is nearly $4000 out of pocket.

Re flatshares - also based on recent experiences, there are a lot of real dumps here in Toronto. I think you can find something in the budget, but I do not know how much you are willing to overlook on the cleaniness and tidiness front.

Recent studios I viewed were all above $900 - but if you have time to look and maybe are prepared to not be right in the heart of downtown, there should be something around!

iaink

$55k in downtown Toronto with a car would be a stretch is my gut feeling. You might be able to get by, but it wouldnt be much fun.

Ben W Bell

An annual salary of $55K in Toronto with a take home of $3,350 is about right.

gotoronto

Agreed with the fun factor - I don't think there is much scope for going out and spending tons of money. But you can get by on it if you don't have expensive habits. Probably more a student-type of lifestyle.