JonboyE

A couple of thoughts:

$100 healthcare. Is that the BC-MSP premium? MSP is the equivalent of NHS in the UK. Everyone (except very low earners) pays a monthly premium. It is about $130 a month for a family. Sometimes companies pay MSP premiums as a benefit.

Extended health is a different thing. This is group insurance to cover some things not included in MSP. Typically these are prescription drugs, basic dental care, vision care, and some other things like physiotherapy.

$2,500 a month is a decent budget for a rental. It is maybe a bit low for the most expensive areas but I don't think this is a problem. Many have said that having a new baby will be a catalyst for your wife to meet new people. I tend to agree but I would make suer I chose a more "folksy" neighborhood where there are mixed incomes, and mixed age groups. The really posh parts (and I am thinking of West Vancouver and parts of the Westside) tend to have older and wealthier inhabitants. They have the reputation of being standoffish.

IMO Vancouver is a great place to live. YMMV.

pheonix

your bang on the money! :-) I agree

Oink

Couldn't you go on your own for a couple of lad years away? Then you'd only need a small apartment. Vancouver's a great city for a de facto single guy with some decent money. You can pop back a lot and then you'll have the best of both worlds. It works for one of the regular posters on here but unfortunately he lives far up north for it to be that much fun.

christmasoompa

I agree. So what would that work out as an annual salary pre-tax, any clever financial bods know? Approx $120k? Just to give the OP an idea of what he would need to earn.

iaink

According to tax tips..
http://www.taxtips.ca/calculators/taxcalculator.htm

With a stay home wife and 2 kids and no special deductions 95k gross leaves close to 72k ($6k a month) after federal / provincial taxes, EI and CPP.

The MSP premium for that income is $1500 ish

christmasoompa

OK, so my maths was waaaaaay off (no change there then).

$95k seems tight to me, for a family with one income, and $600 a month to service debts, and a possible university course as well. But I guess it will depend on whereabouts they'll be living etc, and hopefully the OP is getting quite a bit more than than that from what he's said.

iaink

Its the one income that brings the gross down I think, as you get to hog all the allowances and credits for the OH, plus the 2 kids.

2 kids under 6 is worth an extra 2400 a year gross in UCB too come to think of it, once eligible to claim, but my gut feel is that it would be tight too though, given housing costs are 1900 a month more than I pay in mortgage, and knowing what Im paid...

And thats without a wife going to teacher training.

FWIW basic single no kids would be looking at about $100k gross for $6000/ month net.

Alan2005

I assume he'll want to pay something into an RRSP - especially if his company has some kind of scheme.

Personally, I think $95k for a family of soon to be four in Vancouver is on the low side. I wouldn't emigrate for that in the OP's position.

Also, the OP should note that wages are paid fortnightly here, and that the start of the year has more deductions than at the end.

iaink

Aye, but if he does contribute to an RRSP he would be well advised to remember that the tax refund it generates had better be reinvested in order to cover the taxes payable on withdrawals later on, rather than spent on day to day expenses or a 55" TV.

If you dont do that it doesnt make all that much sense and you might as well max out a tax free savings account instead.

R I C H

Me neither. What haven't been taken into account are all the other potential deductions taken from salary, for life insurances, dental, disability, parking etc etc. My net's 61% of gross after all that sort of stuff is deducted. At that rate you'd want to be earning over $120k to achieve a $6k net salary.


I agree - my net dropped $350 this month.

Aviator

Medical insurance

iaink

Usually not an issue is it? Not for OHIP and never had one for employer benefits. Had a blood test for life insurance once, and did the PR medical, but thats all.

Aviator

I have no idea what your point is?

What I was getting at, is that getting medical coverage is going to be an issue, either it will be expensive or not available. Not having a 'medical check up'

iaink

I was confused by your reference to a "medical" for her early on. It seems you were refereing to getting medical insurance to cover her, not a physical medical? Thats what threw me, I thought you were refering to the physical medical that PR applicants and some TWP applicants have to take with the DMP as part of the application process.

AFAIK they dont do medicals for regular TWPs, or prior to health insurance coverage, not for group plans or provincial plans, at least they never have in my experience, thats why I was wondering what medical you were referring to up thread...

If she is going to be covered by his employer anyway, then her pregancy will likely be a non issue, but he needs to check with them that she will be covered.

pheonix

i am covered by the company and will pay extra for my family
however I do have another potential issue!:-) my wife will be having an elective c-section, i wonder will this be covered?
in the UK this is free and is now optional to anyone