Things aren't that bad in Canada for IT dude.! you will get something fro 60K+ it may not be as high-flying as wall-street brokers but will pay the bills..
Again it's up to you.. if you are on yearly extentions.. use 3 yr period canada gives to wait out..
Personally I think it's crappy.. and if you are close enough to GC .. it's worth it to wait it out that even have canadian option open.. coz it's not going to compare to US and india is much better to spend a year if you had to between 2 h1 visas

Prash,

windsor_boy said it right. If u r close to GC, hang on there. If u know that u will never get GC before your H1B expires, then Canada is ok. On the other hand, see if your employer could keep you on the payroll even after your H1B expires and before the GC is stamepd.
If u r working for a bodyshop, then that's a different story.

DIO

Well I don't want to skip the chance of exercising PR option. I want to come to Canada and spend 3+ years there and be eligible for citizenship and then plan for later years. Managing an IT job in Canada is significant for me in this plan.

Consulting firm I work for is a big reputed one (negative of having such an employer is that there is little room for negotiation/bargaining regarding immigration for example keep you on the payroll even after your H1B etc). As long as you are on project, you are good. Once the project is over, they look in pipeline and if there is nothing in near future, you be ready for layoff. So far I have been very lucky but it can change and being on H1B doesn't make me feel comfortable. With retrogression etc, US GC will take quite some time and things might not be rosy all the way on the job front. There is no room for negotiation/discussion with employer regarding immigration.

Yesterday I talked to an IT person working in downtown Toronto (through a friend in US) and he was suggesting that US IT experience is considered. Initial salary suggested was 45 - 60 CAD. I have made up my mind around that figure. I have prepared myself that I would have to be ready for long and multiple rounds of interviews with multiple potential employers. I would not be making good money but will have stability and will be eligible for citizenship after 3 years.

Prash,
60K in toronto is barely into middle class living.. taxes take abt 40%.. rent is abt 12K minimum.. so what you are left with is 30K..
Stability in Canada is overrated.. these are the best of days and Salaries are still not rising.. All I can say is.. you might be happier living in Halifax, Ottawa or Vancouver.. Toronto is overcrowed, overheated and over in general!

Thanks windsor_boy.

I am interested in GTA area as I have a relative in Mississauga and a friend also and I have been there for a week and I kind of liked the place.

Now Halifax reminds me of Keane, Inc. I used to work for them in 2000-2001 in Boston. It's so good to see folks taking some time to provide helpful advise. I think I will keep myself open to relocating to outside GTA area if I see better job opportunities there as that would be my primary concern.

It might not be the best option but considering my situation, I see a stay of 3 years in Canada with an OK IT job as reasonably good.

Prash,

If the firm u r working is big and reputed, they will find work for you. If not they are no better than a badyshop.

U have stated that u want citizenship. Since u have made up your mind abt Canada, all the best.

DIO

How is the IT job and hourly rate scene with agencies, which place you with employers for 3-6 months contracting positions. Working for 9+ months in a year on an average on contract with averaging 35$ an hour sounds OK to me.

My friend has suggested it's a good option and if you are confident of your skills, it's a good option. I can incorporate a company and this contracting can help with taxes as well.

Senior Desis, any ideas. Thanks.