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vancouver salaries

Old Jul 16th 2008, 10:59 pm
  #31  
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Default Re: vancouver salaries

Originally Posted by Surrey Expat
Often the difference between getting a loan for such a venture and not can be how you put the proposal together.
That's what I keep saying to people, the public sector is probably the best paid jobs in Canada and the largest employers. BC actually pays less than the rest of the Provinces for the lifestyle so you can figure what they get paid elsewhere. My recommendation is try and get into one of the big public corporations and the skies the limit. The downside it is very difficult to get in - try and find someone in the industry who you can network with. The rewards are excellent if you can get in.
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Old Jul 17th 2008, 8:39 pm
  #32  
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Originally Posted by acer rose
RBC recently (a month ago) encouraged me to take on a 40 year mortgage. That would see me well past the usual retirement age.
Plus... don't you have to be a resident for 30 years before you're eligible for a Canadian pension...? I'm sure I read that somewhere...

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Old Jul 17th 2008, 8:46 pm
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Originally Posted by seanyg
Plus... don't you have to be a resident for 30 years before you're eligible for a Canadian pension...? I'm sure I read that somewhere...

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No. You get CPP based on your contributions. For Old Age Security you need to be resident in Canada for 40 years after the age of 18 to get the full payment. However, you will get a pro-rated payment if you are resident for 10 years if you are still in Canada when you apply, or 20 years if you are applying from outside Canada.
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Old Jul 18th 2008, 9:35 am
  #34  
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Originally Posted by JonboyE
No. You get CPP based on your contributions. For Old Age Security you need to be resident in Canada for 40 years after the age of 18 to get the full payment. However, you will get a pro-rated payment if you are resident for 10 years if you are still in Canada when you apply, or 20 years if you are applying from outside Canada.
Oh right. But I can't afford to go back to work until our son goes to school so presumably I won't be accruing contributions until this point? So, assuming we emigrate next year and I go back to work in 2012 (when I'll be 36!!!!) I won't get a full pension till I'm 76???

But if my husband works as soon as we emigrate then he'll be accruing contributions before me (he can keep me in horlicks till I get my pension then, hehe).

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Old Jul 18th 2008, 3:21 pm
  #35  
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Default Re: vancouver salaries

In the City itself, the average salary is around $50,000. A professional salary starts around $80,000. Very few people earn over $100,000. In the suburbs you would be looking at less. By the time you get to Langley or Maple Ridge you can easily discount these by 20%.
Originally Posted by howardk
wow these figures are low........how di people exist on this in vancouver....
What makes you think these are low? Whats the average salary in London? I'd guess at GBP30,000 so $60,000.... and London's far more expensive than Vancouver....

As for $100,000, there are plenty of professionals in Vancouver that earn way over that.
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Old Jul 18th 2008, 3:31 pm
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Originally Posted by seanyg
Oh right. But I can't afford to go back to work until our son goes to school so presumably I won't be accruing contributions until this point? So, assuming we emigrate next year and I go back to work in 2012 (when I'll be 36!!!!) I won't get a full pension till I'm 76???

But if my husband works as soon as we emigrate then he'll be accruing contributions before me (he can keep me in horlicks till I get my pension then, hehe).

Canada Pension Plan and Old Age Security are two different things.

CPP is funded through contributions deducted from your wages. The pension you get when you retire is based on the number and amount of contributions you make. Although you will be getting into the system late (because some have been contributing since they were teenagers), if you earn decent wages and get to the maximum contribution level every year ( earnings of about $45,000pa) you can still build up a pension. Whatever CPP contributions you make you will get something from CPP.

OAS does not depend on earnings, only residency. Assuming you apply from within Canada:

* You are 65 or older.
* You live in Canada and are a Canadian citizen or a legal resident at the time your pension is approved.
* You lived in Canada for at least 10 years after reaching age 18.


If you qualify, and you have been resident in Canada for 40 or more years after the age of 18 you will get the full amount of OAS. If not, there is a formula. The amount you will get is:

[No. of years resident in Canada after the age of 18 (must be > 10)] / 40 * Full OAS amount.

Assuming you move to Canada next year you will be 33 (?). If you want you can wait till you are 73 and claim a full OAS. Much more likely is that you will claim it when you are 65 and receive (65-33)/40 or 80% of the full OAS pension.

We are not talking of huge amounts of money. A couple both claiming the maximum amount of CPP and OAS will have an income of about $31,000. Most people would look for more income than this in retirement so it is important consider other investments, especially RRSPs.
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Old Jul 20th 2008, 8:17 pm
  #37  
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Default Re: vancouver salaries

Originally Posted by JonboyE
Canada Pension Plan and Old Age Security are two different things.

CPP is funded through contributions deducted from your wages. The pension you get when you retire is based on the number and amount of contributions you make. Although you will be getting into the system late (because some have been contributing since they were teenagers), if you earn decent wages and get to the maximum contribution level every year ( earnings of about $45,000pa) you can still build up a pension. Whatever CPP contributions you make you will get something from CPP.

OAS does not depend on earnings, only residency. Assuming you apply from within Canada:

* You are 65 or older.
* You live in Canada and are a Canadian citizen or a legal resident at the time your pension is approved.
* You lived in Canada for at least 10 years after reaching age 18.


If you qualify, and you have been resident in Canada for 40 or more years after the age of 18 you will get the full amount of OAS. If not, there is a formula. The amount you will get is:

[No. of years resident in Canada after the age of 18 (must be > 10)] / 40 * Full OAS amount.

Assuming you move to Canada next year you will be 33 (?). If you want you can wait till you are 73 and claim a full OAS. Much more likely is that you will claim it when you are 65 and receive (65-33)/40 or 80% of the full OAS pension.

We are not talking of huge amounts of money. A couple both claiming the maximum amount of CPP and OAS will have an income of about $31,000. Most people would look for more income than this in retirement so it is important consider other investments, especially RRSPs.
Thank you so much, that's really helpful Hopefully we'll have no mortgage by the time we retire though, so that'll be one less huge expense that we won't have! Plus, we're hoping our 18 month old son will grow up to be famous or something so will be able to look after his poor old mom n pops (who changed his stinky nappies and kept him in Tesco 'Cherokee' clothes, hehe ).

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Old Jul 21st 2008, 5:59 am
  #38  
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Default Re: vancouver salaries

Also, don't forget town houses are more affordable, and if you find a well run complex, they are a great place to live (and gives you an instant network!). For example, where I live there is a pool and a kids play area

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