OK...here are the facts...a salary of C$70K gives you an average net home take income of approx C$3300 pm after deduction of taxes, CPP, and EI.

____________________________________________________________

this is where the 3300 figure comes from.

can anyone actually calculate and no guesses please how much does 70 K gives in hand per month .

My common assumption is a family of 4 with kids in age of 8-13 .
wife not working.
and what common tax breaks are there.

-----------------------------------------------------------------
Sucess is not an accident it is a result of hardwork with intelligence.

dude if on $70k you get 3300 that means you are paying 44% taxes ?

guru dmjkkh*

*daal main jaroor kuchh kaala hai!!

zara chaeck veck karo yaar ...yahan 100K wala bhi 44% dedections nahi deta hai !!! with 70k you should get 4100 or close at hand ...check it at revenue canada's website

i am only 4 weeks old in canada lekin itni to akal chalti hai ki apna tax bracket 1st paycheck se pehle verify kar liya .

-----------------------------------------------------------------
What can be imagined, can be achieved.

Yes.
Approx. taxes $20,000.00
Approx. expenses: $30,000-$35,000.00
Rest you can calculate!
Four years in Canada.

---------------------------------------------------------------------
This was posted for the topic: "R U earning 70K" with the assumption of my salary only, excluding wife's income. the expenses were proportioned for and taxes was for one salary only. In fact, the moment you start earning this kind of salary, mentally you start spending more, right from the day you sign the job offer. Other thing, once we are in that circle of top management, expenses such as golfing, tennis and other social events become necessary many times, which are really helpful in developing professional contacts as well as for health!! The only reason we all have come to this country is to improve and enjoy the lifestyle better than the one we had back home. So it really depends how you want to live in this country. For us, we have not left any extra curricular activity for our daughter as well as for us. We have explored whole of Quebec, New Brunswick and Ontario by car in last three years and most of the north east of US. The point I want to make is, with the increase in income, we start spending more and so at the end, the savings are less. As such, there is no point saving money for future, if you cannot enjoy now.

-----------------------------------------------------------------
Sunil Sharma, P.Eng.

Sushil, i like your attitude ...u r right one must enjoy life but at the same time keep adding up small savings towards a permament asset like a house for later years ....
also .. hope your top management pays for the outing like golfing ...coz in all corporate cultures they do otherwise it can be very heavy on personal pocket however big salary one may have.

-----------------------------------------------------------------
What can be imagined, can be achieved.

I do not know where your figures are coming from 70K and all that.
I have been in this country more than three years have a good engg degree from the best and reputed indian institute ( take a guess ) also have a masters management degree from a top university from another commonwealth country not canada. I have good work experience in mid level positions but despite many attempts i havent had a look in into any organization in Canada. I still do telemarketing really looking for a fulltime permanent position even if it is entry. I have been single and have just got married a little late in life and never have discussed my career options with anyone else. Probably someone in the forum can throw some light on getting some sort of employment.

its interesting to read opinion of different people. I am surprised to read that some poeple are comparing purchasing parity of india and canada. If u live in canada ot safe, then get out of canada. You CAN NOT SAVE HERE. Secondly, your life would be miserable if u live here only for saving as u will die young of working hard and not enjoying your life with your kids. ENjoying does not mean spending $60 bucks on famous players but you have to go out with family, kids and friends. The point that one cna survive without a car orr one car is absurd as u need a car once u r in canada for 3-4 years and its a neccesity for family or if both the couples are working.In my view, the only saving you can get is if u can make at least 25% down and buy a house or a condominium and it might appreciate or not. Giving an example fo a house in markham that its value went up from $200 to $650 may be true but dont think of that, In canada property values have appreciated only 10% in 10 years according to Statistics canada. But u are having ur own equity rather than paying rent if you have made 25% down

Any one thinkin ggetting a $70 k job is easy or you can save $30 k per Annum , please wake up and fall from your bed

-----------------------------------------------------------------
Windsorguy

Life: Love it or Change it!!

Sorry about that C$3300 net from 70K. The figure of $4000 is more like it. Miscalculation....but that does not change the fact that there is hardly any real saving potential unless spouse is also working. Money somehow always finds its way out of the pockets!
Replying to Mishtar India about pros and cons with regard to buying/renting, I have already laid out the arguments. If you want your money to increase in value, there are several other financial instruments like stocks, mutual funds etc that have a better chance of a higer return than investing in real estate. Other than that, I think it is more a matter of the way we desis have been made to feel, and something that we have carried with us a baggage from our countries that owning a house is a real big deal if you want status in society. We desis want to buy a house not for the enjoyment of living in a house, but because it is a "way" to save by building equity and secondly it gives us a "place" and 'status" in our desi circle here. For us desis, owning a home is an indicator of how "well off" is the person. Contrast that with the way these Canadians think....they want to buy house because they WANT to live in a house and not in an apartment. Check it out in their conversation when they are looking out for buying a house. This is what you will find - Their decisions are not intrisically affected by the risks of losing money or increasing equity. What they want is a backyard where they can bar-b-que and have a beer and have the children and the dog play. They want a front lawn because they like to plant flowers. They want a house so that they can have a workshop in the basement where they can work and do "stuff". They want a house so that they can sit by a fireplace and enjoy the company of family and friends. They want a house so that they can have a garage to store their fishing boat/camping gear/tools etc. They do not get really concerned if they find that the real estate prices have gone down or up, unlike us desis for whom the whole issue of buying a house revolves around treating it as a tool for financial investment. Sad but true!

-----------------------------------------------------------------
wisernow