Catsteve

We got notification of our acceptance to emigrate to Canada YIPPEE!

So, what we need to know now is what a good salary to attain to maintain a family of five to a reasonable level of comfort is. We are two parents and three kids, 17, 16 and 11, all girls, so more expensive i imagine.

I am in IT General Management and make a good wage in the UK so looking for advice on what I should be asking for to get a good level of comfort, maintain a home and the odd holiday? I have no idea what to look for or what to expect?

Advice would be welcome please?

ann m

Huge variables.

Where do you hope to live ? (property varies massively)
Will you bring much equity with you?
Do the kids require further education?

Ballpark - $100k+

Edit: - Oh - welcome to BE by the way !!

Catsteve

Hi ann, thanks. In answer to your questions,

BC - Most likely Vancouver or Kelowna
$200,000
YES, all three will go to Uni, sadly they are all intelligent

dbd33

Assume $15k/year each to fund them while in university (this is high for a child living at home taking a less expensive course but way low for one taking a premium class at a remote school). So, there's $50,000 shot before you start (2*15,000 after tax). I suppose you need to make $125,000. I struggled on that while two kids were in university but I don't have a tidy life. Whether or not someone can get that kind of money as a computer person in BC is another thing.

ann m

In that case, double it

OK - so Vancouver and Kelowna - not budget areas on house prices, probably picked a couple of the most expensive areas in the country. I'd hazard a guess that a decent (min 4 bed) family home will be in the region of $500k+.

If you bring $200k and put (say) $150k towards your house, that could still be a chunky mortgage.

Kids are never cheap wherever you live - but as soon as practical I'd start saving for the 11 yr old's further education. Look at Regular Education Savings Plans (RESPs) - we got an estimation for our 11 yr old and it was about $240 a month (from now till she's 18) if we wanted to meet most Uni costs.
As for your 17 and 16 yr olds, consider tucking away another $30k in a pot somewhere just to get them started.

Congrats on getting this far with the visa etc. Good luck with the rest of the journey.

There is tons of info on this site - have a play and search - you will find cost of living threads which might highlight monthly costs for you, and give an indication of car insurance (which is high in BC) and other outgoings.

Catsteve

hmm, looks like i have a hole in my numbers then. Not sure what the salaries are like in Canada but my trade is large scale project and programme management. I have come to the conclusion that anyone who has three kids has to see money dribble away like Niagra falls during their first 30 years.

snowshoveller

I have no idea about BC but even in Winnipeg that would be a conservative estimate. $150-175 would be my guess for a lifestyle involving starbucks and other "essentials"

s

Catsteve

A person after my own heart when it comes to 'essentials in life'. My own tipple is a Venti Caramel Machiatto, skinny, wet, decaf, extra shot, Sugar free Vanilla, 190deg. Perfect

As to salary, would $150k be enough to support the family and make a reasonable level of essentials attainable, run three cars, a house and curl 5 times a week?

dbd33

That's a little pessimistic. I found it eased up after 25 years or so.

dbd33

I think you'll need to go somewhere more gay positive than interior BC.

snowshoveller

Yikes that must be a $30 drink! more of a doppio espresso with water on the side myself (being european!) or failing that a bucket of americano!

You may need to run beaters if you need 3 cars that money certainly wont get you into escalades. Insurance is expensive in canada (at least here in winnipeg - eg $1500 for a ten year old jeep!!).

Dont forget out of your gross your tax burden will be high - unless you are incorporated!

Catsteve

LOL, I am at home with my feminine side

Iain Mc

I think it'd be pushing it in the areas you've mentioned if that's a sole income.

It's possible, if you owned the cars outright and weren't making payments on those in addition to a large mortgage. The large mortgage can be avoided to a degree by living just outside the places you've mentioned, rather than in them, so a lot depends on the nature of your work, whether you can do some it remotely, how much of a commute you're willing to deal with, etc.

House prices would indicate Canadians are less inclined to live with long commutes than folks in the UK; they drop off faster with distance, or at least they do around Vancouver and Kelowna.

Just as an indicator, a $350k mortgage can be had right now for about $1,500 a month (approx. 30yr amortization). Obviously it's better to shoot for a lower repayment term and pay a bit more a month, but what's available to you would depend on your work situation, history, mortgage broker etc.

dbd33

Is it at all realistic to think that a computer person in BC would make $150,000/yr? That's a pretty good rate for Toronto, it's what contractor programmers and long term employees of Hydro One make, and Toronto has a lot of computing. I'd expect rates to be lower in BC.

JonboyE

$150,000 is in the stratosphere. I would think that a new immigrant would have little chance of this unless they had very specialized, and in demand, skills.

The OP should look at scholarships that might be available to subsidize his(her?) kid's education, student loans, a second income, and expecting the older ones to take part-time work to help out with their education. This is all quite normal.

I have two sets of friends, both immigrants and both with three children, who are managing to put them through university on much less than $150,000 pa. One couple have a joint income of $80,000 and the other $100,000. It can be done and very much depends on your priorities in life.