some advise please
 

hello
I no you must get asked this a million and 1 times and i have been trying to find advise about this, but i haven't been very sucessful
so here goes , Oh has a job offer in canada brampton and his salary is 57,000cad, can a family of 4 live on this, we will be renting at 1st and we dont have any money to fall back on, i will hopefully get a job, but just needed to no if that figure is enough to live on, until i can find a job, we dont have expencise taste here, but dont want to be worse of financialy than we are here
thank you

Re: some advise please
 

Hello, alexx11, and welcome to the BE forum.

I was going to say that that income should be enough for 4 people to live on, certainly until you find a job.

Then I saw your remark about not having any money to fall back on. I don't know what you mean by that. It takes money to get established in Canada -- to buy a car, to pay a damage deposit and the first month's rent on a house or apartment, to buy electrical appliances (unless you're renting accommodation in which they're included), and on and on.

Once you're in Canada, do you want to be able to afford trips back to the UK (or wherever you live now)? What happens if a close relative in the UK gets very sick or dies? Do you want to be able to hop on a plane and visit your family under those circumstances?

I fear you may be getting ready to jump from the frying pan into the fire.
x

Re: some advise please
 

It's advice, not advise.
57,000 divided by 12....let's see.... 4,750. Yep, without a mortgage that'll be great. If that's salary before tax....ooohh.... and a mortgage....double ooohh.
It'll be tight fer sher.

Re: some advise please
 

hi im in toronto i think you would be looking at around 1,200 to 1.500 a month for rent for an apartment that would probably include utilities so hope that gives you some idea christine

Re: some advise please
 

Hi judy, thank yo for the advice , i see what you mean, i was doughtful about the money side, which is why i asked, i really admire the people who sell up and move to canada with very limited amounts, if it was just oh and myself i think i would be more willing to make this move , but we have 2 teenage boys to consider, so to me its a different, it might be our dream and we could struggle through, but its not fair on the boys .
The company who oh has the job offer with, have given us a relocation pageage so with shipping ect i should have a bit left over to replace electrials with, our car here i would sell and should be able buy another one over there,
The one snag is money to come home with in case parents become ill, we were thinking of renting our house out, if we have no tenentsat any time we will have to pay the mortage until .....
alex

Re: some advise please
 

sorry about the spelling mistake :o lol
yes its salary before tax and no mortgage, we were going to rent a house if possible, i no it all depends on ones life style, we only have take out once or twice a week here so we dont live life to the max, just dont want it to be any worse than it is here
thanks again

Re: some advise please
 

thanks its a starting point

Re: some advise please
 

Just a heads up in case you don't already know. If you're in Canada on a temporary work permit, your sons won't be allowed to work. Many Canadian teenagers like to have part-time jobs during the academic year and fulltime jobs during the long summer vacation.

If you come to Canada on permanent residence (PR) visas, your kids will be allowed to work.
x

Re: some advise please
 

Spelling mistake. Like that's a problem on this site!
We survive with 5 adults on $4000 per month, no mortgage. But that is good living. You can cut down on that,

Re: some advise please
 

after tax etc the OP is probably looking at more like $3100/month - if half of that goes in rent it doesn't leave much for food/clothes/gas/life etc for 4 adults - you'll definitely want that second income.:huh:

Re: some advise please
 

yes i had read about this, also regarding the boys i have a 16 yr old, i belive he will have to attend school until he is 18 ? { he isnt too happy about, as he leaves school here this june !!! } he would like to go to collage, will i have to pay for this in canada ?
thanks again
alex

Re: some advise please
 

It would be wise to do a cashflow analysis on renting your property out.

There are lots of costs to consider that aren't obvious if you have never rented out before...though different people will have different costs ( and if your mortgage payment is small compared to the incoming rent, then you have enough cashflow it helps) so....

* agent's fees - commission per month but also extras, eg tenancy agreements and reletting fees, these vary agent to agent.

(You have to have an address in England and Wales for the service of notices...)

* Voids - when the property is empty

* safety issues - if you have gas, you MUST have a gas safety certificate and really it's best to have electrical safety checks done every year, but it is not mandatory like the gas.

* repairs - if it is your own house, you put up with stuff, tenants don't, particularly if you have a good agent who sorts things...

* wear and tear and replacing things..

...the list goes on......it's better than leaving a property empty but that will depend on the tenants and how they live.

It costs more than a tenant's deposit to put a place back in good order.....so it's definitely a big decision.

Remember, your house insurance will normally have a clause about the place being empty and it will generally only cover it for the 1st 30 days or so....


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In addition, if you are in Scotland, you have to be registered as a landlord and there is also much, much stricter "Houses of Multiple Occupation" legislation, plus different landlord & tenant law.

Re: some advise please
 

Kids can leave school at 16 (grade 10), however it is considered dropping out and they would find it hard getting a job or higher education without going through and graduating at grade 12 (to age 18).

Yes, either you or he would have to pay for college education.

If you have rental income from the UK, this is taxed as income in Canada. You can however deduct any expenses associated with earning this though.

This should be considered when doing your calculations.

Re: some advise please
 

thanks eveyone for your advice
alex xx