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Is it REALLY much better????

Is it REALLY much better????

Old Jun 17th 2012, 4:06 pm
  #181  
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Default Re: Is it REALLY much better????

Originally Posted by Animal
I'd have thought $100k was a fairly good wedge for a salary. I suppose if your living in the centre of Vancouver or similar with an expensive lifestyle it may not be but don't you think $100k is acceptable for a 'normal' family?

I really am intrigued
No its a bit shit as a total household income. As was noted, income taxes are high here. If you're mortgage free it'd be okay, with no frills living. With a mortgage, pay check to pay check I'd imagine.
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Old Jun 17th 2012, 4:11 pm
  #182  
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Default Re: Is it REALLY much better????

Originally Posted by Oink
No its a bit shit as a total household income. As was noted, income taxes are high here. If you're mortgage free it'd be okay, with no frills living. With a mortgage, pay check to pay check I'd imagine.
Thanks Oink. People really would have to live in Canada to appreciate what we are talking about. 100k doesn't take you very far if you have a mortage, income tax, 15% tax on goods/services, car payments, insurance payments, pension payments, union dues (depending on your profession), EI payments....need I continue
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Old Jun 17th 2012, 4:15 pm
  #183  
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Default Re: Is it REALLY much better????

Originally Posted by Boy d
Where is this 350 k home in Vancouver? I'd double that and add 10 percent...yes you are right, if one is servicing a high mortgage, things could be tight. Certainly an average wage won't cut it here, and I suspect an average household income is likely less than 100 k.

Outside of that though, I don't think taxes etc are any worse than the uk and general cost of living is similar.
I guess I am being conservative with the 350 k speel about home prices in BC..my bad
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Old Jun 17th 2012, 4:17 pm
  #184  
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Default Re: Is it REALLY much better????

Originally Posted by Impala
Thanks Oink. People really would have to live in Canada to appreciate what we are talking about. 100k doesn't take you very far if you have a mortage, income tax, 15% tax on goods/services, car payments, insurance payments, pension payments, union dues (depending on your profession), EI payments....need I continue
I do live in Canada Not for too long yet though

I agree with Boy D and I have found that taxes and cost of living is similar in Canada to the UK and weigh each other out pretty much

UK - the list is very similar to yours - mortgage, income tax, National Insurance (NI), 17.5% VAT (though it is shown on the majority of prices in the UK), car payments, pension payments (if you can get a decent pension in the UK), $2.24 a litre for fuel....need I continue

Last edited by Animal; Jun 17th 2012 at 4:30 pm.
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Old Jun 17th 2012, 4:20 pm
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Default Re: Is it REALLY much better????

Originally Posted by Animal
I do live in Canada Not for too long yet though

I agree with Boy D and I have found that taxes and cost of living is similar in Canada to the UK.

UK - the list is very similar to yours - mortgage, income tax, 17.5% VAT (though it is shown on the majority of prices in the UK), car payments, pension payments (if you can get a decent pension in the UK)....need I continue
Ok, so I am going to argue that Canada is not really that much better than the UK.
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Old Jun 17th 2012, 4:25 pm
  #186  
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Default Re: Is it REALLY much better????

Originally Posted by Impala
Ok, so I am going to argue that Canada is not really that much better than the UK.
Can't disagree with you in the context we were chatting. That leaves it to the other numerous posts above that I'm not going to get into. hehe
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Old Jun 17th 2012, 4:34 pm
  #187  
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Default Re: Is it REALLY much better????

Originally Posted by Boy d
Where is this 350 k home in Vancouver? I'd double that and add 10 percent...yes you are right, if one is servicing a high mortgage, things could be tight. Certainly an average wage won't cut it here, and I suspect an average household income is likely less than 100 k.

Outside of that though, I don't think taxes etc are any worse than the uk and general cost of living is similar.
Agreed on the Van house pricing. Come to the sunny Okanagan and expect to pay $500K. A $100K salary in Canada is equal to a $62K salary in the UK. I can make $100K in Canada but I'd be hard pressed to make $62K in the UK, more likely $50K. So unless the cost of living in the UK is substantially less, you'd be better off in Canada

Originally Posted by Impala
Hi.

Look at it this way. Out of the $100,000 you are in a fairly high income tax bracket. Depending on which of the 13 provinces/territories you decide to live in, the average income tax rate is about 24%. The higher income you make per year, the more tax you pay. Also, their is up to 15% service/sales taxes in some of the Canadian provinces like Nova Scotia. In western Canada, the price of housing in Vancouver and Calgary is very high. Some average homes in these cities cost over $350,000. The price of gas in some provinces runs up to $1.30 per litre. Electricity rates are constantly increasing. There is little room for savings for a family earning $100,000. People rely on their work place pensions and RRSPs. But, in terms of putting money in a savings account, I am doubtful if many people can do this.
Like I said earlier, if you can't make a decent life for yourself on $100K a year, you have to have a pretty lavish lifestyle. There's lots of family's in Canada with both working that don't make $100K a year and they seem to get along fine. And I'm sure they go on holidays - just not to Paris.
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Old Jun 17th 2012, 4:38 pm
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Default Re: Is it REALLY much better????

Originally Posted by Hawk13
Agreed on the Van house pricing. Come to the sunny Okanagan and expect to pay $500K. A $100K salary in Canada is equal to a $62K salary in the UK. I can make $100K in Canada but I'd be hard pressed to make $62K in the UK, more likely $50K. So unless the cost of living in the UK is substantially less, you'd be better off in Canada



Like I said earlier, if you can't make a decent life for yourself on $100K a year, you have to have a pretty lavish lifestyle. There's lots of family's in Canada with both working that don't make $100K a year and they seem to get along fine. And I'm sure they go on holidays - just not to Paris.
Probably depending on your outgoings I don't think $100k gives you anything like a lavish lifestyle - it doesn't go that far here.......................

Last edited by dollface; Jun 17th 2012 at 4:40 pm.
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Old Jun 17th 2012, 5:10 pm
  #189  
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Default Re: Is it REALLY much better????

Once you are above a certain level of income the question "is $x enough" relates mostly to what you choose to spend your money on. We live in one of the more expensive suburbs in the most expensive city in Canada. We have foreign holidays, trips home, both own cars , go out when we like and spend more money at the liquor store than we really should. We are on track with our financial plan to retire debt and mortgage free with a comfortable income in ten years. All this on an household income that equates to way less than $100,000.

However, we don't own a boat, a snowmobile, an ATV or a bloody big gas guzzling pickup to haul them around. The largest TV in the house is a 32" CRT that we were given for free.

Some friends of ours have a family income of less than $60,000. They own a nice house in a pleasant sub-division and have managed to put all their kids through university. They know they will leave their kids a mortgage as well as a house when they die. However, they don't care. They would rather give their kids an education now than a cash windfall later. They are happy with their choices. In fact, they are one of the happiest families I know. For them, a $100,000 a year family income would be untold wealth.

It is also quite possible to struggle financially on $150,000 a year and I have clients in that situation.

The moral is that if someone says you must have $x to survive don't believe them unless you know what they are spending their money on.

Last edited by JonboyE; Jun 17th 2012 at 5:23 pm.
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Old Jun 17th 2012, 5:12 pm
  #190  
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Default Re: Is it REALLY much better????

Originally Posted by Oink
No its a bit shit as a total household income. As was noted, income taxes are high here. If you're mortgage free it'd be okay, with no frills living. With a mortgage, pay check to pay check I'd imagine.
On that money you'd probably have to fly Air Transpoo too
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Old Jun 17th 2012, 5:14 pm
  #191  
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Default Re: Is it REALLY much better????

Originally Posted by Oink
No its a bit shit as a total household income. As was noted, income taxes are high here. If you're mortgage free it'd be okay, with no frills living. With a mortgage, pay check to pay check I'd imagine.
Originally Posted by dollface
Probably depending on your outgoings I don't think $100k gives you anything like a lavish lifestyle - it doesn't go that far here.......................
The key is "depending on your lifestyle". Can't afford the big mortgage - rent. Can't afford the car payment - buy a cheaper car (that's good on gas).

I'm in the $100K salary range, have two teenage kids and have to pay a deadbeat ex wife to boot and I have a pretty good lifestyle and we go on holidays every year (every other year, out of country).

Find it hard to believe that you people think a $100K income is "a bit shit".
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Old Jun 17th 2012, 5:20 pm
  #192  
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Default Re: Is it REALLY much better????

Originally Posted by JonboyE
Some friends of ours have a family income of less than $60,000. They own a nice house in a pleasant sub-division and have managed to put all their kids through university. They know they will leave their kids a mortgage as well as a house when they die. However, they don't care. They would rather give their kids an education now than a cash windfall later. They are happy with their choices. In fact, they are one of the happiest families I know. For them, a $100,000 a year family income would be untold wealth.

It is also quite possible to struggle financially on $150,000 a year and I have clients in that situation.

The moral is that if someone says you must have $x to survive don't believe them unless you know what they are spending their money on.
+1

Originally Posted by el_richo
On that money you'd probably have to fly Air Transpoo too
Nope - 1st class and caviar all the way Like JonboyE mentioned "choices" - fly every other year on seat sales or moan and groan about not making enough money to fly up in your seats
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Old Jun 17th 2012, 5:31 pm
  #193  
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Default Re: Is it REALLY much better????

Originally Posted by Oink
No its a bit shit as a total household income. As was noted, income taxes are high here. If you're mortgage free it'd be okay, with no frills living. With a mortgage, pay check to pay check I'd imagine.
taxes are actually quite decent. I suspect they are actually a bit lower than the UK and Europe in general.
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Old Jun 17th 2012, 5:32 pm
  #194  
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Default Re: Is it REALLY much better????

Originally Posted by Impala
Thanks Oink. People really would have to live in Canada to appreciate what we are talking about. 100k doesn't take you very far if you have a mortage, income tax, 15% tax on goods/services, car payments, insurance payments, pension payments, union dues (depending on your profession), EI payments....need I continue
as would the average household wage in most places....
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Old Jun 17th 2012, 5:35 pm
  #195  
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Default Re: Is it REALLY much better????

Originally Posted by Hawk13
I'm in the $100K salary range, have two teenage kids and have to pay a deadbeat ex wife to boot and I have a pretty good lifestyle and we go on holidays every year (every other year, out of country).

Find it hard to believe that you people think a $100K income is "a bit shit".
I am reminded of the old addage Cut Your Coat according to Your Cloth - I too can't quite understand the breast beating about $100K - I know lots of families who are earning considerably less, and have a decent lifestyle, in Canada. A couple of years ago, we had a year with zero income, and it was remarkable the savings we were able to make and the standard of lifestyle we could still achieve on sod all. But that's the same anywhere.
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