This is a wonderful site. It is so informative; it is so helpful. I have noticed lots of desi immigrants in thier late fifties, particularly from the Middle East, arriving in Canada as immigrants, with thier University age children, and then getting confused about thier next steps. I am writing this hoping that replies would be helpful to so many of us in this kind of a situation. My question is, how much money is required to invest, so that an immigrant in his mid to late fifties with his/her spouse, could lead a comfortable retired life (say CD$40 to 50000 per year take home)? I am thinking of things such as stocks, mutual funds, part time work, real estate investing etc. Your views would be greatly appreciated. I am a landed immigrant, hoping to return soon from the Middle East for good. Canada is a great country.

2.0 million to 2.5 Million CAD.

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Originally posted by Gaulam

My question is, how much money is required to invest, so that an immigrant in his mid to late fifties with his/her spouse, could lead a comfortable retired life (say CD$40 to 50000 per year take home)?

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Iceberg
Thanks for your input. I was looking at another site, and they had suggested 1.8 mil, assuming investing in mutual funds, with 4% dividend yield, would give a tax free return of 72000/, while the principal would grow too untouched.

Why you need that much money?
For 1million C$ you can buy 2 houses in Alberta and easily get monthly rent (not less than) 5000 dollars which is enough for comfortable living!

Suba
Thats a great suggestion; what I should like to know is how much tax does one pay on that kind of income; how much do you have to consider for spending on the two houses for maintenance etc.; what about other kind of rental property e.g commercial like shops; anybody have any experience of that kind of thing?

Hi,

Some of the Immigrants who arrive here have children of university age, but just not over the age of majority and hence find themselves in a very peculiar situation, where in they have to become the PR and sponsor their children or bring them along with them. Now they have a bank account, a SIN card and then a health card etc., on top of that. Now they have to report their income from where ever they are (from), and pay taxes here on top of it. Some can shoulder it. What they save on their Kids education, they stand to loose on their Taxes that they pay to CCRA. They can get out of that situation when their kids become 18. I see you noted that too.

I am sure you do know a lot about the investments and what they are saying here and also on the other websites. The type of returns that they are saying that you can make could also be accomplished from where ever you are and without ever thinking of paying taxes to anyone.
Now the question is why do you want to jump into this FIRE from the frying pan that you are in? Can't you sustain yourself with similar income there since it will be tax free, where ever you are? (in UAE) Could you give me some more reasons for your departure from UAE? Whenever you think it is going to take place.

What I note from your question, if you can work part time, and if you are well disciplined, you will be able to increase your income gradually to a level here or there in UAE, the income level at which you will find to be much more comfortable for the future, at which time you can free yourself a lot of time after the initial struggle. Then it will become smooth sailing for you. But you have to be the one to determine that level of income and comfort and where you would like to be after that time.

Now my second question to you is: What is the amount that you are willing to come up with as initial start up costs, then the expenses for the infrastructure and after deciding to get into any kind of activity, what is your capital outlay for the investment? Then the next one is has it got the growth potential and the returns that you are looking for? Is it sustainable?

Putting feelers here will only provide you with vague responses, upon which you cannot develop any strategies. The people who are ''doing it'' have no time for this Canadian Desi board. They are out there ''making it'', while you and me are sauntering through the fields of lily pads. Free forums are only that, they do not come up with concrete solutions. Not yet!

Thanks for starting another round of discussions for the seekers and the dreamers and thereby giving a chance to the ones who are making it to join this discussion and whip up a storm. This topic attracts a few that are in the active side of things, who take advantage of it and then move away into seclusion. Either to leave us behind in the dust or tweak our curiosity.

Good luck in your search.

Freddie.

Hello ftfl
Thanks a lot for your response. As I said in my first post, I am not coming to Canada to find a high paying job (if I do, that will be a bonus); I have been in Canada, and N.America and in general, its the life that I liked there; the vastness of the land mass, the wide open spaces, the clean environment, are among the topmost things on my mind. From the UAE I can at the most go back to Desi-land. Then begins the great cat and mouse game; if I am loaded with money, where to hide it; the bribing of officials, the lying and cheating, and dishonesty.
Canada has given me a chance to be a part of a world that I would love to be in; I am quite willing to make sacrifices for that, after all, you have to loose something in order to gain something. Of course I will pay taxes; of course I will work.
You may feel that I am wasting my time by coming to sites such as Canadian Desi, but on the contrary,I feel it is a very important part of my researching the conditions. And I have got some very useful info from here I assure you. The internet can be a great tool if used with discretion.
At any rate, you did not come up with any concrete proposals to my query, which would have been even more helpful. I look forward to more from you.
Regards.