I and my wife both are planning to move from Bay Area to Toronto under ICT with our existing employers.
I’m a little confused to discuss my Canada salary with my employer, so need expert advice here… Our current gross income in Bay Area is ($300K+) and wanted to know if a similar joint income (CAD 300K) will be reasonable in GTA area as well…?
Here in Bay Area, I’m living in a 4BD townhome which I’m planning to hold for the next couple of years as rental income is very good in my community.
I don’t have any immediate plan to buy a home in the Toronto area but need some input about overall general expenses with the 5-year-old kid.
I dont think anyone can answer that question for you. It will depend on your lifestyle and needs.
Overall, $300k CAD is a good amount, but eventually it will come down to roughly $150k post taxes, CPP, EI etc. Also factor in where would you live in the GTA and how big of a house, or condo you would rent out. If you are planning to buy a car, gas and insurance are high as compared to bay area. Internet, phone, eating out are all either on the higher side, or at par with bay area as well.
Overall, it is a good salary to get you started and be comfortable for some time , but eventually if you plan to have a similar bay area lifestyle, you would need a higher family income.