Hi,
I am trying to get a idea as to what car i can buy with my salary after deducting a comfortable cost of living. Can you give me your best estimates as to what is the cost of comfortable living for a single person in Mississauga. I know comfortable is a generic word so i will define what i mean by comfortable:

Live in a decent 1 bhk apartment/condo not a basement.
Have a cellphone (landline not necessary) but high speed internet (128k) is necessary
spends 25 dollars a month calling to India.
Fruits and other grocery cost per month for someone who eats a lot but can only prepare basic food and relies mostly on food that you get home put in microwave and eat (ready to eat types indian food)
Goes out to a bar once a weekend for 2-3 drinks and dinner so 4 times a month
As i cannot cook much maybe goes out to a decent restaurant for 4 meals in a week excluding weekend bar outing. That adds up to 16+4 meals outside
Newspaper, heating, electricity, cable etc.
DO NOT consider car cost or commuting cost.

Thanks
By how much will this increase if there are 2 people and i move to a 2 BHK (food, rent, more hotel bills etc). Just planning for the future.


Thanks,
Chittesh

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Live and Let Live

Hi Chittesh,

Here is my exact monthly bill,

Rent - 1150
Grocery - 200
CAR EMI - 302
Car Insurance - 312
GAS - 200
Rogers - 100
Comwave - 25
Reliance - 35
Outing / eating out - 50
Personal care - 25
Go pass - 135
Misc - 50
Week end expense (drinks etc.) - 25


Total Monthly expense comes to - $ 2609.00

We are just two, I mean me and my wife.

I hope this helps,

Regards,

VJ

My Expense aprox. for fanily of four ( Husband wife & 2 kids)
1-House 1200
2-Rogers ( Internet+ 2 Cell phone ) 130
3-Bell- 50
4-Car EMI-270
5-Car + House Insuraence- 285
6-Gas-200
7-Grocery-500
8-Misc. expense-300
9-Expense for Children( Books , Games, clothes)-200
Total-3125

It does not include my contribution for RESP , LIC, etc.

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Driller the thriller

Live in a decent 1 bhk apartment/condo not a basement. $1100
Have a cellphone (landline not necessary) but high speed internet (128k) is necessary $40(cell) + $35(highspeed) = $$75
spends 25 dollars a month calling to India. $25
Fruits and other grocery cost per month for someone who eats a lot but can only prepare basic food and relies mostly on food that you get home put in microwave and eat (ready to eat types indian food) $200
Goes out to a bar once a weekend for 2-3 drinks and dinner so 4 times a month $250 (4 times)
As i cannot cook much maybe goes out to a decent restaurant for 4 meals in a week excluding weekend bar outing. That adds up to 16+4 meals outside $200 (16 times)
Newspaper, heating, electricity, cable etc. $12 (newspaper)+ $35(cable) + $0(heating, electricity incl. in rent) = $47
DO NOT consider car cost or commuting cost.

Total = $1900

For 2 members
Rent : add $150
Food : add $200 (I'm assuming the 2nd members will also eat ready-made food)

Total = $2250

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SS
Reiki Grand Master

Fantastic replies. Thanks.
Now can you help me on how is EI and CPP contribution calculated. Is it some % of your annual salary before tax or can i voluntarily choose a amount.

Thanks,
Chetan

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Live and Let Live

Quote:

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Orginally posted by chittesh

Is it some % of your annual salary before tax or can i voluntarily choose a amount.

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Deal With Reality or Reality Will Deal With You

OK Thanks, also in India we had deductions for House rent, medical expenses, children's education, home loan to name a few.

I am not married so for me what kind of tax deductions i can apply for. An i even eligible for any, i pay a very high rent for the apartment i live in? I havent spent anything in medicines.

Also if i am eligible for any of these how will the tax reduce. Will the total taxable income reduce or will the tax reduce by some amount.
Thanks,
Chittesh

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Live and Let Live