Someone Asked If Moving To Toronto For A $50K Government Job Is Worth It & It's A 'Big No Way' (2024)

FAQs

Is a 50k salary enough to live in Toronto? ›

A salary of $50,000 per year means that you would be taking home about $39,642 per year after taxes, or $3,303 per month to pay for things like housing, transportation, groceries, and entertainment. The average household income in Toronto is $121,200.

The average salary in Toronto is $62,050, which is 14% higher than the Canadian average salary of $54,450. A person making $55,000 a year in Toronto makes 11.4% less than the average working person in Toronto and will take home about $43,183.

Living in Toronto is costly. It's often hectic and crowded, and traffic is a constant problem. But if you want to settle down in a dynamic and exciting metropolis with low crime, first-rate access to modern conveniences like healthcare, education, and amusem*nt, then Toronto should be at the top of your list.

The overall cost of living per person is around CAD 3539. So, a monthly salary of at least CAD 4,500 – CAD 5,000 is required to keep up with the Toronto standard of living. This salary will help you cover your necessary expenses such as rent, food, transportation, healthcare, and so on.

A single person needs a yearly salary of $45,000 and up (after taxes) to live comfortably in Canada, while a family of four needs roughly $90,000 to $100,000. Factors will affect this, such as the lifestyle and region you live in.

$55,000 is $9,600 less than the average yearly salary of $64,600 in Calgary. A salary of $55,000 per year means that you would be taking home about $42,966 per year after taxes, or $3,580 per month to pay for things like housing, transportation, groceries, and entertainment.

Canada is a lovely place for couples to live together. However, the cost of living for a couple may be high for young couples – it averages down to around $3,500 a month. It is advisable to have around $50,000 for a year of living in Canada as partners.

If you make $55,000 a year living in the region of Ontario, Canada, you will be taxed $15,100. That means that your net pay will be $39,900 per year, or $3,325 per month. Your average tax rate is 27.5% and your marginal tax rate is 35.5%.

Cost of Living: Canada has a high cost of living, particularly in major cities like Toronto and Vancouver. Housing, transportation, and food costs can be expensive. Weather: Canada has long and harsh winters, with snow and ice covering much of the country for several months each year.

Is it easy to live in Toronto without a car? ›

Toronto boasts an efficient public transit system that includes buses, subways, and streetcars, making it easy to navigate the city without a car. With well-mapped routes and regular schedules, you're never far from your next ride.

A family of six earning $70,000 a year could be considered low-income, while a single person earning $30,000 may not.

You have to earn $40 an hour to reasonably afford a one-bedroom apartment in Toronto, report suggests. $40/hour wage needed to live comfortably in T.O. The Canadian Centre for Policy Alernatives calculated an $83,000 a year salary would allow a person to afford comfortably in T.O. Reaction to Toronto unaffordability.

How much do 50k a year jobs pay per year in ontario? $50,000 is the 25th percentile. Salaries below this are outliers. $76,000 is the 90th percentile.

$40,000 is $22,050 less than the average yearly salary of $62,050 in Toronto. A salary of $40,000 per year means that you would be taking home about $32,417 per year after taxes, or $2,701 per month to pay for things like housing, transportation, groceries, and entertainment.

$45,000 is $17,050 less than the average yearly salary of $62,050 in Toronto. A salary of $45,000 per year means that you would be taking home about $36,104 per year after taxes, or $3,009 per month to pay for things like housing, transportation, groceries, and entertainment.