OT: Question for Toronto people

[Kriss E]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

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[canucklover123]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

I know at my office in Montreal, they allow us to go to Toronto but will only increase our salary 10K more. Definitely not enough from what I gathered to maintain the same type of living, I live here.

Curious as well

 

[Kriss E]

I know at my office in Montreal, they allow us to go to Toronto but will only increase our salary 10K more. Definitely not enough from what I gathered to maintain the same type of living, I live here.

Curious as well

You need to consider it's 10K more but you're also taxed way less.

 

[Lafleurs Guy]

Good time to buy a condo actually...

 

[holy]

Honestly it depends on your age and how you spend your money. That amount would be good if you’re a pretty conservative person.

From what I know about you you seem like you’re over the flashy and fast stuff, which is what would cost you a pretty penny in Toronto compared to Montreal.

 

[dkd]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

Google "Numbeo compare cities" and thank me later.

 

[Roadhouse]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

That salary in the GTA will only go so far.........

Difference in take home pay i.e after tax was $400 ish more in my pocket every month from changing office (455 in Gatineau to Carling out in Kanata). That's a miserable bump up to cover the HUGE bump in real estate cost or rent.

A $1600/month apt in MTL is probably $2500 monthly in North York and about $3300 monthly downtown.

 

[dinodebino]

You're talking of about a bump of 40% in rent, if not more, depending on your location.

Try living closer to the Niagara peninsula. Need to be on the road? Go to office?

 

[sandviper]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

Its completely doable living both in Toronto or North York at 65/75k, and living decently. It’s the most populous city in the country and people who make half of that make it work.

I don’t know enough about you (family planning, lifestyle, loans), but my cousin and family of 4 live 15 min walk from the CN Tower, have a $3500/m condo, 5 series BMW, vacation annually and they make a combined $140k. They aren’t rolling in it but they aren’t eating Mac and Cheese.

Factor in tax savings and it can work.

 

[dinodebino]

Its completely doable living both in Toronto or North York at 65/75k, and living decently. It’s the most populous city in the country and people who make half of that make it work.

I don’t know enough about you (family planning, lifestyle, loans), but my cousin and family of 4 live 15 min walk from the CN Tower, have a $3500/m condo, 5 series BMW, vacation annually and they make a combined $140k. They aren’t rolling in it but they aren’t eating Mac and Cheese.

Factor in tax savings and it can work.

I need their accountant.

 

[bobholly39]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

I'd look more towards what comparable jobs in your field are making in Toronto than what you think you can manage on, or you'd be underselling yourself. Job market is really good recently, especially for sales - you might ask 65-75K and they were prepared to offer you 90k and you'd never know it

 

[A Loyal Dog]

Oh, you’ll be perfectly fine with 65-75k + commissions. Even downtown.

 

[SaintsThomas]

You need to consider it's 10K more but you're also taxed way less.

But real estate/rent is significantly higher, right?

 

[sandviper]

I need their accountant.

My cousin is one actually. She’s a stay at home mom. She does work at the Raptors 50/50 nights, but that’s volunteer.

In fairness, both of them had a significant amount of savings before coming to Canada and her parents are, to put it mildly, not hurting for money.

Maybe they leverage that, but I don’t think so as they live pretty conservatively for the most part.

 

[sandviper]

Just to add, I live in the York Region, which isn’t cheap. I don’t make a whole lot but we do ok. I don’t drive a fancy car, don’t live in a big house but I don’t drink, go clubbing or wear designer clothes, nor do I have a LA Fitness membership like everyone else in my neighborhood seem to have.

Really, it depends on your lifestyle and what you want. $65k I don’t think goes far in Montreal either if you do a lot of extracurricular and extravagant spending.

 

[Shabs]

Currently in talks with a company to bring me over to Toronto, they asked me to make them a proposal on a role/salary, I'd be interested in.

So I'm just wondering what's a minimum salary to be decently comfortable there? Is 65-75K as a base enough to cover expenses?
This is a start up, so I'm looking at a base+commissions/bonuses+shares type of compensation structure. I do not want to move to Toronto though and be stressed to cover my monthly expenses.
I'd be staying either downtown or in North York area.

Any advice would be appreciated. Figured I'd try here before the Leafs board.

Leaving commissions out of the equation, and assuming you're single and willing to live in 1BR apt, 65-75k is doable and you can even have savings if you don't live extravagantly. But its not easy. I would say a base of $80-90k gives you some breathing room.

 

[Kriss E]

Just to add, I live in the York Region, which isn’t cheap. I don’t make a whole lot but we do ok. I don’t drive a fancy car, don’t live in a big house but I don’t drink, go clubbing or wear designer clothes, nor do I have a LA Fitness membership like everyone else in my neighborhood seem to have.

Really, it depends on your lifestyle and what you want. $65k I don’t think goes far in Montreal either if you do a lot of extracurricular and extravagant spending.

Just trying to do some math..
2k for rent
800 on car (pmts, insurance, gas)
400 food
500 cc debt
500 fees (internet..phone..electricity..etc)
1000 random leisure expenses

I guess 75k as a base salary would be okay, and I can hit my bonuses off targets.

 

[sandviper]

Just trying to do some math..
2k for rent
800 on car (pmts, insurance, gas)
400 food
500 cc debt
500 fees (internet..phone..electricity..etc)
1000 random leisure expenses

I guess 75k as a base salary would be okay, and I can hit my bonuses off targets.

Yeah, 100% doable. Over time, as your savings and investments accrue, you’ll be fine. First few years may be a little tough, not going to lie, but this is normal until you settle in, develop a routine and understand your actual income and expenses.

Depending on your field of work, you may also have a lot more opportunities long term and since you’re already here, job changes are easier. Also, I’m only assuming here, but if you have no personal attachments, well, if it doesn’t work out, you can always go home.

 

[HBDay]

Oh, you’ll be perfectly fine with 65-75k + commissions. Even downtown.

Exactly this. You will be fine. I would say 60 would be the threshold.

I'll elaborate a touch. Under 60 and you'll be needing roommates or a partner who chips in.

 

[That Habs Fan]

As others have said, ~65 is fine for a single person living a decent life.

If you want to really live it up (nice car & every media subscription & best mobile plan etc...) and have a lot of expendable cash and take trips obviously 70+ would be better and almost a necessity.

Welcome, enjoy, don't let it eat you alive.

 

[jackeymoon]

Car insurance is way more expensive here (ontario generally) as is rent. Food at grocery stores is surprisingly less expensive. Public transit is the same price.

However the Condo market has taken a beating lately so you may be able to get a good deal.

Biggest difference are the opportunities. You'll get many more in Toronto than you ever would in Montreal.

 

[FormerLurker]

I think $65K-$75K would not leave much if any room for vacations, savings, big ticket purchases, etc. in the GTA. You'd be living paycheque to paycheque. If you're used to doing that, maybe it would be ok.

The flip side to the question is how much can you ask for, and that depends very much on the role, your work experience and education, your current salary, and the company.

One thing I would recommend is not to take a lower base salary from a startup just because they are giving stock options, unless you are very very confident that the startup will be successful. Most stock options end up being worthless.

One final point is that you can calculate your after tax pay nearly to the penny using the CRA payroll deductions online calculator. You can compare Ontario and Quebec using this tool: Payroll Deductions Online Calculator - Canada.ca

Good luck.

 

[ChesterNimitz]

Oh, you’ll be perfectly fine with 65-75k + commissions. Even downtown.

As always, regardless where you live and work, its more a question of how much you spend rather than how much you earn. And I've worked in the GTA since 1977 after having lived and worked in Montreal since the early 1950s.

 

[le_sean]

You also have to consider the difficulty of ever owning property if you’re in Toronto. Montréal is expensive too, but at least it’s realistic. Remember also that rent control is strong in Quebec, Ontario less so.

I think it’ll be tight with that salary. Depends how much you make with commission, but Toronto is no joke. I had a similar salary (no commission) in Ottawa and I was more than fine, but your rent will likely be 3x more than mine was ($2,400).

I don’t want to speak for you, but I know I would be real stressed if my leisure money was tied to commission.

 

[sandviper]

I think $65K-$75K would not leave much if any room for vacations, savings, big ticket purchases, etc. in the GTA. You'd be living paycheque to paycheque. If you're used to doing that, maybe it would be ok.

The flip side to the question is how much can you ask for, and that depends very much on the role, your work experience and education, your current salary, and the company.

One thing I would recommend is not to take a lower base salary from a startup just because they are giving stock options, unless you are very very confident that the startup will be successful. Most stock options end up being worthless.

One final point is that you can calculate your after tax pay nearly to the penny using the CRA payroll deductions online calculator. You can compare Ontario and Quebec using this tool: Payroll Deductions Online Calculator - Canada.ca

Good luck.

One thing I'd consider though is this gets your foot in the door in Toronto. Obviously, paycheck to paycheck sucks and I personally wouldn't want to do that, but if you can absorb some short term pain, I think you'll be better off over the longer term, DEPENDING on the kind of work you do and what you're looking for. For example, I think if you're big business, finance guy, you are better off in Toronto than say Montreal.