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Re: My Monthly Savings In Canada by Ugosample(m): 2:38am On Aug 02
omidan21:
So let me just chip this in. I hear.r people say na tax go kill you bla bla, .And I just shake my head as many people are ignorant of how tax system work i don't think it's that bad or that back beaking
I saw this from a source please confirm this authentic it

I stand to be corrected

When it comes to Taxes in Canada many people are misinformed. You always take a raise. You make out with more than staying where you are. Same as overtime, you weight the pros and cons, and it should never be a tax decision since you always end up ahead.



Marginal Tax brackets work like this. (all numbers are made up for simplicity since I don't have a calculator.)



Tax Bracket 1: 0-12K - 0% tax.



So for example if you make 11k you pay $0.



Tax Bracket 2: 12,001-20,000 - 15% tax.

So for example if you make 15K. The first 12K is in bracket 1 = $0. The remaining 3K is in bracket 2. 3K@15% = $450 in tax owing. NOT 15K x 15% = $2,250 in tax.



Tax Bracket 3: 20,001-45,000 - 25% tax.

So for example if you make 21K. The first 12K is in bracket 1 = $0. The next 8K is in bracket 2. 8K@15% = $1,200 in tax owing. The remaining 1K is in the 25% backet = $250. Total TAx = $1,450. NOT 21K x 25% = $5,250

EXACTLY
Re: My Monthly Savings In Canada by overseasnbeyond: 4:38am On Sep 09
[quote author=overseasnbeyond post=74077926][/quote]
This month i will turn one year on the job, i can look back and say to God be the Glory for the good future ahead. In the last one year, my job sent me to Criminal juatice academy to be certified as a correction officer, overall i came third best student ( see my instagram page).
Congratulatory letter sent to me by the HR with pay increase. Sincerely i don't need no kick back or whatever my salary before tax every 2 weeks is $3800. What else do i want again.?
Re: My Monthly Savings In Canada by Ashirioluwa: 5:40am On Sep 09
overseasnbeyond:

This month i will turn one year on the job, i can look back and say to God be the Glory for the good future ahead. In the last one year, my job sent me to Criminal juatice academy to be certified as a correction officer, overall i came third best student ( see my instagram page).
Congratulatory letter sent to me by the HR with pay increase. Sincerely i don't need no kick back or whatever my salary before tax every 2 weeks is $3800. What else do i want again.?
You must be senior guy at your job because $3800 every 2 weeks is equivalent of $47.5/hour. That is over $90000 a year. You must be lucky to have that job because most degree holders in canada don't even make 60k a year.

I know is possible to make good money if you are in a job with a lot of overtime.

3 Likes

Re: My Monthly Savings In Canada by glink2015: 7:22am On Sep 09
atutupoyoyo2211:
Hi Guys, I moved to Canada 2 years ago and i have not been able to save any money yet. I made up my mind that i must save $120,000 (one hundred and twenty thousand dollars) by November 10,2020. I decided to document my progress on this forum, so that anyone that wants to compel themselves to save money for the future can also be encouraged to do so. We all have different savings targets. I didn't put my full information on the forum due to security reasons since i am going to be posting my bank balances from time to time to document my progress. Now, a little background on myself. I am a graduate from Nigerian. I came to Canada in 2016, worked in a warehouse for a while. I presently work as a security guard while doing my Masters degree. Its a 2 year masters degree. My hourly earning is $16 an hour, but i work a heavy overtime schedule, since nobody wanted to work overtime, as a naija sharp guy, i offered to work the overtime shifts.
I started the Savings last week and i am going to post my first bank balance online. Lets see if i can meet my target. If anyone has tips that can help me achieve my goals, your suggestions are highly welcome. If anyone wants to save, you can also post on here , lets document our progress together. But please keep personal info off here for security reasons. So, lets do this.

Pls. Can we chat privately.....thanks
Re: My Monthly Savings In Canada by salford1: 3:15pm On Sep 09
Ashirioluwa:

You must be senior guy at your job because $3800 every 2 weeks is equivalent of $47.5/hour. That is over $90000 a year. You must be lucky to have that job because most degree holders in canada don't even make 60k a year.

I know is possible to make good money if you are in a job with a lot of overtime.
Some jobs or employers in Canada do not pay by the number of degrees you hold. Some unionised job pay very well even for people with grade 12 education.

Although the guy you quoted is in the US where wages can be higher. He doesn't need to be a senior guy to earn that if he is in a unionized role.

Law enforcements and some emergency workers make that much easily in North America. Then with overtime it would be getting close to $120k. The highest paid municipal goverment (local government) workers in the city I live in (somewhere in Canada) are firefighters and policemen.

1 Like

Re: My Monthly Savings In Canada by ctleurocollege: 3:58pm On Sep 09
salford1:

Some jobs or employers in Canada do not pay by the number of degrees you hold. Some unionised job pay very well even for people with grade 12 education.

Although the guy you quoted is in the US where wages can be higher. He doesn't need to be a senior guy to earn that if he is in a unionized role.

Law enforcements and some emergency workers make that much easily in North America. Then with overtime it would be getting close to $120k. The highest paid municipal goverment (local government) workers in the city I live in (somewhere in Canada) are firefighters and policemen.



I think you could have allowed the fellow to explain himself
Re: My Monthly Savings In Canada by Ashirioluwa: 7:04pm On Sep 09
salford1:

Some jobs or employers in Canada do not pay by the number of degrees you hold. Some unionised job pay very well even for people with grade 12 education.

Although the guy you quoted is in the US where wages can be higher. He doesn't need to be a senior guy to earn that if he is in a unionized role.

Law enforcements and some emergency workers make that much easily in North America. Then with overtime it would be getting close to $120k. The highest paid municipal goverment (local government) workers in the city I live in (somewhere in Canada) are firefighters and policemen.
I will need him to link me up so I can apply for job at that same place. Starting salary for correctional officer in state of Delaware is around $36k. It will be 42k after initial training. I know about unionized jobs but what I am saying is that it is not easy to get a job that you will make such money like $100k. The guy is lucky.

USA is better naija one million times but I don't want to mislead people that you will start making 100k when you get here when most people don't even make $40k a year.

1 Like

Re: My Monthly Savings In Canada by salford: 7:29pm On Sep 09
Ashirioluwa:

I will need him to link me up so I can apply for job at that same place. Starting salary for correctional officer in state of Delaware is around $36k. It will be 42k after initial training. I know about unionized jobs but what I am saying is that it is not easy to get a job that you will make such money like $100k. The guy is lucky.

USA is better naija one million times but I don't want to mislead people that you will start making 100k when you get here when most people don't even make $40k a year.

No one said it was easy to make 40k as a FOTB, but it is also doable even though not common.

I believe you have not been following the thread. He mentioned what State he works in, and how much he earns per hour ealier on in the thread. I believe he mentioned he worked in S.Carolina. Hopefully, he can return to the thread to link you up or you can just send him a message.
Re: My Monthly Savings In Canada by Ashirioluwa: 8:50pm On Sep 09
salford:

No one said it was easy to make 40k as a FOTB, but it is also doable even though not common.

I believe you have not been following the thread. He mentioned what State he works in, and how much he earns per hour ealier on in the thread. I believe he mentioned he worked in S.Carolina. Hopefully, he can return to the thread to link you up or you can just send him a message.
Don't get angry with me man. Some of our folks lie to other people. I am not here to discourage people but to encourage them to look for something to do when they get in. Get a profession .... aviation mech, truck driving, nurse, railway conductor/engineer, carpentry, going into business etc

1 Like

Re: My Monthly Savings In Canada by kunzzy4me(m): 9:20pm On Sep 09
Hello bros.can I private chat you..thanks







uote author=atutupoyoyo2211 post=73157327]Hi Guys, I moved to Canada 2 years ago and i have not been able to save any money yet. I made up my mind that i must save $120,000 (one hundred and twenty thousand dollars) by November 10,2020. I decided to document my progress on this forum, so that anyone that wants to compel themselves to save money for the future can also be encouraged to do so. We all have different savings targets. I didn't put my full information on the forum due to security reasons since i am going to be posting my bank balances from time to time to document my progress. Now, a little background on myself. I am a graduate from Nigerian. I came to Canada in 2016, worked in a warehouse for a while. I presently work as a security guard while doing my Masters degree. Its a 2 year masters degree. My hourly earning is $16 an hour, but i work a heavy overtime schedule, since nobody wanted to work overtime, as a naija sharp guy, i offered to work the overtime shifts.
I started the Savings last week and i am going to post my first bank balance online. Lets see if i can meet my target. If anyone has tips that can help me achieve my goals, your suggestions are highly welcome. If anyone wants to save, you can also post on here , lets document our progress together. But please keep personal info off here for security reasons. So, lets do this.[/quote]
Re: My Monthly Savings In Canada by Ashirioluwa: 9:37pm On Sep 09
kunzzy4me:
Hello bros.can I private chat you..thanks







uote author=atutupoyoyo2211 post=73157327]Hi Guys, I moved to Canada 2 years ago and i have not been able to save any money yet. I made up my mind that i must save $120,000 (one hundred and twenty thousand dollars) by November 10,2020. I decided to document my progress on this forum, so that anyone that wants to compel themselves to save money for the future can also be encouraged to do so. We all have different savings targets. I didn't put my full information on the forum due to security reasons since i am going to be posting my bank balances from time to time to document my progress. Now, a little background on myself. I am a graduate from Nigerian. I came to Canada in 2016, worked in a warehouse for a while. I presently work as a security guard while doing my Masters degree. Its a 2 year masters degree. My hourly earning is $16 an hour, but i work a heavy overtime schedule, since nobody wanted to work overtime, as a naija sharp guy, i offered to work the overtime shifts.
I started the Savings last week and i am going to post my first bank balance online. Lets see if i can meet my target. If anyone has tips that can help me achieve my goals, your suggestions are highly welcome. If anyone wants to save, you can also post on here , lets document our progress together. But please keep personal info off here for security reasons. So, lets do this.
It is not impossible but you will need to work your ass out because November 2020 is like 14 months away from now. That means you will need to save $8500 per month.

You can achieve it therefore I will encourage you to work towards it.

1 Like

Re: My Monthly Savings In Canada by Babyvet: 10:37pm On Sep 09
Abeg, how did the op make around $100, 000 with a base pay of $16 per hour ?

1 Like

Re: My Monthly Savings In Canada by Ashirioluwa: 11:51pm On Sep 09
Babyvet:
Abeg, how did the op make around $100, 000 with a base pay of $16 per hour ?
He said he is planning to save $120k before November 10, 2020. We should all encourage him. If you or I say how then people back home will turn it to insult.

Even if you work double every day, that is 16 hours per day. Without a day off, you will work 16 hours x 14 days in 2 week.

16 x 14 = 224 hours in 2 weeks

That is 80 hours straight time and 144 hours overtime.

80 x 16 = 1280
144 x 16 x 1.5 = 3456
Gross = 4736

He will pay tax from this amount, feed himself, transportation and all other expenses.

He needs to save $8571/month for 14 months to be able to save $120k.
Re: My Monthly Savings In Canada by oluayebenz: 12:24am On Sep 10
Ashirioluwa:

He said he is planning to save $120k before November 10, 2020. We should all encourage him. If you or I say how then people back home will turn it to insult.

Even if you work double every day, that is 16 hours per day. Without a day off, you will work 16 hours x 14 days in 2 week.

16 x 14 = 224 hours in 2 weeks

That is 80 hours straight time and 144 hours overtime.

80 x 16 = 1280
144 x 16 x 1.5 = 3456
Gross = 4736

He will pay tax from this amount, feed himself, transportation and all other expenses.

He needs to save $8571/month for
14 months to be able to save $120k.




Person fit joons o

1 Like

Re: My Monthly Savings In Canada by overseasnbeyond: 1:05am On Sep 10
Ashirioluwa:

You must be senior guy at your job because $3800 every 2 weeks is equivalent of $47.5/hour. That is over $90000 a year. You must be lucky to have that job because most degree holders in canada don't even make 60k a year.

I know is possible to make good money if you are in a job with a lot of overtime.
Na favour.
I no just understand.
Re: My Monthly Savings In Canada by 9cguy(m): 1:29am On Sep 10
salford1:

Don't know what you mean by heavily. However, you do not need to work crazy hours If you have say a bsc in electrical from Canada or the US, canada preferably, and you are lucky to get a job after grad. Your average starting wage would be around $35 an hour. As you rise through the rank and put in years of experience, it would go up to the of $43 to $46/hr, and when you start hiting a managerial position, it can go as high as $50 to $70/hour or more based on type of employer or where you work in the country.

I just got to see this thread today and I started reading from page one up to here. Does it means if one graduate from universities in other countries (Nigeria to be specified) it's not so recognized over there?

Sorry for the question if it sounds lame. I'm also planning on leaving Nigeria and with me is my B. Tech in Electrical Electronics Engineering.
Re: My Monthly Savings In Canada by Babyvet: 12:35pm On Sep 10
Ashirioluwa:

He said he is planning to save $120k before November 10, 2020. We should all encourage him. If you or I say how then people back home will turn it to insult.

Even if you work double every day, that is 16 hours per day. Without a day off, you will work 16 hours x 14 days in 2 week.

16 x 14 = 224 hours in 2 weeks

That is 80 hours straight time and 144 hours overtime.

80 x 16 = 1280
144 x 16 x 1.5 = 3456
Gross = 4736

He will pay tax from this amount, feed himself, transportation and all other expenses.

He needs to save $8571/month for 14 months to be able to save $120k.




Reread my question , I asked a very legitimate question. Although I live in the U.S , we have a similar system. I’m not talking about his savings( which is also unrealistic) , I’m asking about his income which he claimed to be around $100,000 last year with a base pay of $16 per hour . Even with overtime and bonuses , I fail to understand how he earned that much at that amount. That’s problem with Nigerians , they take everything at face value .

2 Likes

Re: My Monthly Savings In Canada by ednut1(m): 2:25pm On Sep 10
Babyvet:


Reread my question , I asked a very legitimate question. Although I live in the U.S , we have a similar system. I’m not talking about his savings( which is also unrealistic) , I’m asking about his income which he claimed to be around $100,000 last year with a base pay of $16 per hour . Even with overtime and bonuses , I fail to understand he earned that much at that amount. That’s problem with Nigerians , they take everything at face value .
valid question. Looks exaggerated but who knows
Re: My Monthly Savings In Canada by shege45: 2:45pm On Sep 10
Hmmm
Re: My Monthly Savings In Canada by Babyvet: 4:01pm On Sep 10
ednut1:
valid question. Looks exaggerated but who knows


Op better bring proof or else I’m not buying it. There is only so many hours one can work in a day .That how people come into Naira land and be deceiving people.
Re: My Monthly Savings In Canada by ednut1(m): 4:32pm On Sep 10
Babyvet:



Op better bring proof or else I’m not buying it. There is only so many hours one can work in a day .That how people come into Naira land and be deceiving people.
my aunt did something like this in the UK as a care worker. round the clock in 2 different care homes. only off day was friday and she went to work in the friday night lol. nothing close to 100 cad equivalent o grin

1 Like

Re: My Monthly Savings In Canada by Babyvet: 4:44pm On Sep 10
ednut1:
my aunt did something like this in the UK as a care worker. round the clock in 2 different care homes. only off day was friday and she went to work in the friday night lol. nothing close to 100 cad equivalent o grin

Well I work in the U.S in the health care field, even some nurses with higher base hourly rates and overtime are not making six figures . Even CNA who make what the op is making , with overtime and shift bonuses are no where near six figures.I know Canada has labor laws , so there are are only so many hours one can work. The op story already sounded funny when he had goal of saving about $120,000 in two years making about $16 per hour . These abroad people sef , that’s how they will be deceiving people back home .

1 Like

Re: My Monthly Savings In Canada by Ashirioluwa: 8:18pm On Sep 10
Babyvet:


Reread my question , I asked a very legitimate question. Although I live in the U.S , we have a similar system. I’m not talking about his savings( which is also unrealistic) , I’m asking about his income which he claimed to be around $100,000 last year with a base pay of $16 per hour . Even with overtime and bonuses , I fail to understand how he earned that much at that amount. That’s problem with Nigerians , they take everything at face value .
Absolutely unrealistic. Most people here give false information to people back home. Do I believe the 100k stuff..... absolutely NO but I am not here to argue with these young fellows.

I know the savings is unrealistic too because how many people can even save even 10k with that kind of salary

2 Likes

Re: My Monthly Savings In Canada by Ashirioluwa: 8:32pm On Sep 10
Babyvet:


Well I work in the U.S in the health care field, even some nurses with higher base hourly rates and overtime are not making six figures . Even CNA who make what the op is making , with overtime and shift bonuses are no where near six figures.I know Canada has labor laws , so there are are only so many hours one can work. The op story already sounded funny when he had goal of saving about $120,000 in two years making about $16 per hour . These abroad people sef , that’s how they will be deceiving people back home .
Right
Re: My Monthly Savings In Canada by DexterousOne(m): 8:43pm On Sep 10
Let's leave the OP alone

It's good to set up high targets
And within the time frame probably he envisages a change of jobs / better prospects
And if he has a wife who is hustling too
They can jointly save


$120k may be a high bar
But it's a good bar to set

I'm just playing devils advocate

2 Likes

Re: My Monthly Savings In Canada by Babyvet: 10:50pm On Sep 10
Ashirioluwa:

Absolutely unrealistic. Most people here give false information to people back home. Do I believe the 100k stuff..... absolutely NO but I am not here to argue with these young fellows.

I know the savings is unrealistic too because how many people can even save even 10k with that kind of salary


Noticed how even the op has not really posted
Updates.That’s why Nigeria ain’t no good, people don’t question things that sound suspicious. Even six figure earners are not saving six figures . I’m not talking about who spend money carelessly.
Re: My Monthly Savings In Canada by oluayebenz: 11:46pm On Sep 10
Babyvet:


Well I work in the U.S in the health care field, even some nurses with higher base hourly rates and overtime are not making six figures . Even CNA who make what the op is making , with overtime and shift bonuses are no where near six figures.I know Canada has labor laws , so there are are only so many hours one can work. The op story already sounded funny when he had goal of saving about $120,000 in two years making about $16 per hour . These abroad people sef , that’s how they will be deceiving people back home .

OP might be a robot nah grin
Re: My Monthly Savings In Canada by salford1: 12:33am On Sep 11
Babyvet:


Noticed how even the op has not really posted
Updates.That’s why Nigeria ain’t no good, people don’t question things that sound suspicious. Even six figure are not saving six figures . I’m not talking about who spend money carelessly.
OP had since posted on here some weeks ago that his OT hours has been cut or severely reduced. I guess that is why he has stopped updating the thread on his progress.

OP's last post in July:
atutupoyoyo2211:
Hey guys,
I haven't been on this thread for a long while, because sometimes when you makes plans, Life happens. Well Long story short, My company insisted i go back to just regular 8 hours a day because they could not pay for my overtime . Mind you, this is a multi billion dollar project.
I discovered that the company managers had a meeting about me at the beginning of this year and decided to make sure i dont work overtime because i made more than a bunch of them. I made exactly $100,039 last year, working as a security guard. Impressive i think. I took what they said in good faith and have been working regular shift since. i would have gotten a second job, but i am on course to be one of the best or probably the best student in my masters program, so i decided to focus on my studies and graduate with honors.
I have realized that people that smile with you everyday, are not actually happy about your success, even when your success does not amount to their failure. They just dont like the fact that a security guard, or probably a black African security guard earns more than managers. Don't get me wrong, i dont think Canada is as racist as some other countries, but i think there is a little bit of it. Now point of note, earning so much is good, but it also disqualifies you from some benefits in Canada. For example, the grants i got for my student loan this year are next too nothing cos i earned above $80k on my tax statements. Another point of note, i paid just about $30k in taxes last year.
Re: My Monthly Savings In Canada by Babyvet: 2:14am On Sep 11
salford1:

OP had since posted on here some weeks ago that his OT hours has been cut or severely reduced. I guess that is why he has stopped updating the thread on his progress.

OP's last post in July:

But my point still stands , how did he make $100,000 on $16 per hour base salary?

4 Likes

Re: My Monthly Savings In Canada by DexterousOne(m): 2:18am On Sep 11
Babyvet:


But my point still stands , how did he make $100,000 on $16 per hour base salary?

He has not made it yet

It was only a "target"
Re: My Monthly Savings In Canada by Babyvet: 2:29am On Sep 11
DexterousOne:


He has not made it yet

It was only a "target"

We are talking about his income not his savings .Go read the op post , he said his salary for last year was around $100,000

3 Likes

Re: My Monthly Savings In Canada by salford1: 3:42am On Sep 11
Babyvet:


But my point still stands , how did he make $100,000 on $16 per hour base salary?
How would I know nah? His earnings is not my business undecided

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