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  Canada Immigration Forum > About Canada > Life > Comfortable cost of living
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Comfortable cost of living




chittesh
Senior Desi
Member since: May 05




Posts: 448
Location: Here and There


I originally posted this question when i was in India..now that i am here for some time, here is the real calculation for 2 people:

Mortgage - 1800
Prop Tax - 300
Heat,Hydro, Water, Insurance, insurance, security - 300
Grocery - 200
CAR EMI - 350
Car Insurance - 300
Car maintainance- 100
GAS (1 car + Go)- 300
Rogers - (TV+Internet) 100
Cellphone+Home Phone 150
Reliance - 35
Outing / eating out - 150
Personal care - 100
Misc Home - 150

Total: 4335, round to 4300. Save $1000pm
So you need 5300K after tax.

Add 150pm if you have a kid and add 350 if you have parents with you

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Live and Let Live

 
Last edited by: chittesh on 22-11-06 16:56:33
Post ID: 90140 22-11-06 16:50:24
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shankaracharya
Senior Desi
Member since: Dec 04




Posts: 768
Location:


Our (Family of 2 + 2)Expenses/Investment are as follows in Mississauga:

1.Rent for 2 bedroom including basement parking for a apartment :900

2.Bell Canada basic telephone:35

3.Rogers internet and cable TV: 55(Was earlier 118 per month including NDTV 24/7, Jaya TV, Zee TV and host of ultimate package but shut down recently to save on expenses).

4.Grocery:250(Vegetarian)(includes milk from India town at 3.99/ltr times 16 per month for homo milk, Rice at 10 Lbs per month, all vegetables from Chinese store, Chappati from the Gujarati lady store in Dundas(W) and south Indian grocery from Kaveri supermarket.

5.Car Insurance: 160

6.Car Gas: 160

7.Reliance India Call:25

8.Cell phone on my personal business account:35(Rogers $25 plan)

9.Occasional eating out at Kwality/Dosa Corner/Curry Leaves/Taco Bell/Subway and all other El-Cheapo places: 50

10.RESP:500(includes CCTB 254 + 100 for child under 6, my contribution 150)

11.RRSP:250 currently but will be ramped to 500 shortly.

12.Life Insurance: Term policy :50( but will be converted to Universal on increased income(hopefully in the next few months)).

In all the total outflow would be around $2500 per month with other annual expenses like my various professional membership which run to about 750 per annum and car maintenance which would run to about 500 per annum with 4 oil changes at 200(Midas) and other incidental expenses. The cost of clothing, shoes, winter wear, toileteries, printer cartridge, CD's, DVD's, membership/attending Desi Concerts and all other incidental expenses would run to around 2500 per annum. All clothing purchases are done at Sears Outlet Store in Dixie Mall, all toileteries, medicines are done at Wal-Mart and DVD, CDs are all purchased used from Rogers or the used CD store called The Beat Goes On at Eglinton/Mavis.

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My understanding(I'm might be totally wrong) is that once you cross $38,000 gross on combined income, your CCTB drops, your HST and all other inflows become negligble. I think the trick is to keep the gross income at $38,000 and any income over and above should be converted to CASH income to avail all the benefits from the government. If not you will just pay taxes, if you have to save on taxes you need to invest in RESP and hence you will need to work harder to save more money. This is at the cost of your leisure quality time with your family, loss in health either due to excessive work/pressure or lack of time for physical activity. Once you save on RESP then there is every chance of the government denying you the social pension and pay you the CCP only and there is another possibility of your children being denied the OSAP due to the higher income from your side(eventhough you might be paying most of it as taxes).

May be a good financial consultant could share with us a good calculation for a break off point where you can gain the maximum from government benefits along with low taxation so that you are total winner.

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Speech by Thomas Friedman of The New York Times....

"When we were young kids growing up in America, we were told to eat our
vegetables at dinner and not leave them. Mothers said, 'think of the
starving children in India and finish the dinner.' And now I tell my
children: 'Finish your maths homework. Think of the children in India
who would make you starve, if you don't.'"

 
Last edited by: shankaracharya on 22-11-06 19:39:18
Post ID: 90146 22-11-06 19:28:33
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jake3d
Senior Desi
Member since: Sep 03




Posts: 2962
Location: Montreal


Is it me or are the calculations for Groceries a bit understated? Its probably me but in our case they run to more than 3 times whats mentioned here. Maybe due to non-veg diet...but still...a huge difference.

Another reason to go veg I guess.

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Post ID: 90153 22-11-06 21:38:58
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Maharaj
Senior Desi
Member since: Oct 02




Posts: 1721
Location: Brampton


Quote:
Originally posted by chittesh

I originally posted this question when i was in India..now that i am here for some time, here is the real calculation for 2 people:

Mortgage - 1800
Prop Tax - 300
Heat,Hydro, Water, Insurance, insurance, security - 300
Grocery - 200
CAR EMI - 350
Car Insurance - 300
Car maintainance- 100
GAS (1 car + Go)- 300
Rogers - (TV+Internet) 100
Cellphone+Home Phone 150
Reliance - 35
Outing / eating out - 150
Personal care - 100
Misc Home - 150

Total: 4335, round to 4300. Save $1000pm
So you need 5300K after tax.

Add 150pm if you have a kid and add 350 if you have parents with you



* If you are paying 1800 for Martgage - better off renting
* Grocery is lil on lower end - we pay aroung 500
* Phone Bills are higher :)


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Mumbai Maazi Ladki ...

 
Post ID: 90155 22-11-06 21:46:10
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my2cents
Senior Desi
Member since: May 04




Posts: 260
Location: Miss, Canada




What about supplemental health insurance? I am interested in knowing what company premiums are for supplemental health insurance. In my company insurance premiums are high about $115 for single and $160 for family per month. What are health premiums for other people/ companies? Can we have a poll on this?

Also what about vacation / travel / leisure / camps. Is not a budget of about $1000 to $1500 needed for this? Of course this does not include long trips to exotic destinations but trips within Canada.

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I have only 2 cents to contribute, not a cent more, not a cent less ;-)

 
Post ID: 90159 22-11-06 22:04:05
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chittesh
Senior Desi
Member since: May 05




Posts: 448
Location: Here and There


Quote:

* If you are paying 1800 for Martgage - better off renting



So what happens when you retire???

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Live and Let Live

 
Post ID: 90194 23-11-06 11:31:47
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Maharaj
Senior Desi
Member since: Oct 02




Posts: 1721
Location: Brampton


Quote:


So what happens when you retire???




If I still stick that 'cost of living' ... By Renting one could easily save approx 1200$.

Mortgage of 1800$ for an avg House is too much of Interest & not principle (Unless ofcourse you had some 'Leslie-Steeles' House in mind) !

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Mumbai Maazi Ladki ...

 
Post ID: 90198 23-11-06 11:50:35
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jughead
Senior Desi
Member since: Jun 04




Posts: 186
Location: Burnaby, BC


Quote:
Originally posted by Maharaj

Quote:


So what happens when you retire???




If I still stick that 'cost of living' ... By Renting one could easily save approx 1200$.

Mortgage of 1800$ for an avg House is too much of Interest & not principle (Unless ofcourse you had some 'Leslie-Steeles' House in mind) !



Well, mortgage of $2000+ (with a 10% down) is about average for a townhouse in Greater Vancouver (or for a small 1 BR condo in Vancouver). But that would be another topic!


 
Post ID: 90199 23-11-06 12:18:26
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Loser
Senior Desi
Member since: Sep 04




Posts: 1052
Location: Nice ,USA


Maharaj is the first desi i know who talks of renting instead of buying.


Quote:
Originally posted by Maharaj

Quote:


So what happens when you retire???




If I still stick that 'cost of living' ... By Renting one could easily save approx 1200$.

Mortgage of 1800$ for an avg House is too much of Interest & not principle (Unless ofcourse you had some 'Leslie-Steeles' House in mind) !


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You know you are a desi when ........ You spew forth the virtues of India, but don't want to live there...............You've never had a tanning salon membership

 
Post ID: 90201 23-11-06 12:55:05
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Maharaj
Senior Desi
Member since: Oct 02




Posts: 1721
Location: Brampton


Quote:
Originally posted by Loser

Maharaj is the first desi i know who talks of renting instead of buying.




May be because I am not Renting "Anymore". I Rented for good 4 years.

I never wanted to pay more than 1200$ in Mortgage. We wanted to enjoy our Home without worrying about Mortgage. I didnot want to starve & compromise on our so called "Chhoti Chhoti Khushiya". Living Miserable Life was not acceptable to me.

Temptations were everywhere ... 10% - 5% - even 0% Down. But again all hard earned money was going down in Interest Drain.

Our Target was 25% Down. We didnot reach there, but we decided & bought at 20%. I feel Lucky (thanks to many & one on board) to have made it that far and to have achieved little under than target.

Thank God I didnot get in that 'Chakravyuha' !!!


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Mumbai Maazi Ladki ...

 
Post ID: 90208 23-11-06 13:54:52
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