₦airaland Forum

Well pensions still remain as part of total compensation package. Many companies don't manage the plan themselves. Manulife, sunlife and the likes still exist.

rickleye:
Companies no longer find pension plans. Only a specific sector still gives pensions plans
- government jobs
- teachers
- maybe grocery stores.
- some businesses.
They would rather pay you more than offer pension plans as it is too expensive to maintain.

Absolutely any Canadians not considering TFSA and RRSP is at a disadvantage. I don't understand what you mean about CPP and OAS maxing out. When I make CPP contribution every year, at 65, I expect my pension from CPP based on my contributions over the years. What may happen is that the age to start collecting may increase and premium may increase at that time. You don't expect people to contribute for 35+ years and tell them the program no longer exist.

It is common finding people retiring where the cost of living is lower same way you find someone moving to the village when they retire.

rickleye:
I disagree . That is why the government has programs to encourage people to save. TFSA. And RRSP . The amount of OAS, CPP, QPP is usually not adequate . Remember you are still tax on the payout amount as it is taxed deferred.
And there is a risk that those plans will max out in a particular year so we need to get more people working ( hence the flexible immigration rules ) so that there is even a payout when one reaches those years.
It is also a reason why someone would like to retire elsewhere the cost of living is cheaper.
People take out perm and term insurance just to make sure that they have adequate funds to maintain a certain lifestyle when retired.
So yes I disagree . Any average Canadian not considering any of these programs is at a disadvantage.

An average Canadian is not that bother about saving for old age. If they are gainfully employed, many employers have pension plans, which they are forced to save into. Also, there is CPP and OAS.

rickleye:
Plus also ask if they are saving for old age. ?

5% is not that bad. CMHC changed it in 2007/08 to cool the market and limit price increases.

slydog:
Can you imagine??
0 dp?
Now it's minimum of 5%

This is actually a great point. If you make the money, enjoy it very well. It is not all about savings. At the same time have emergency saving that may cover your responsibilities for some time in case of an emergency. For the children, it is not all about books. Swimming, Taekwando, Hockey, Staking and the rest are very good for their development.

There are lot of stories. Some Canadians decide not to marry for tax purposes because some deductibles are not possible when you are married. Imagine husband makes 100K a year, wife makes 50K a year. Their combined income taxes is more than what they pay if Husband pays wife 20K a year for children support. Husband pays Trudeau less taxes for making $20K less and the increase in wife tax- is less than the decrease in husband's tax. I don't blame them.

megastu:
I have gone through these posts and my take is for guys who are lucky to earn up to $100k per annum, do not just focus on savings savings savings. Live life. Enroll your kids in extra curricula activities; Taekwando, Lawn Tennis, Swimming, etc. Travel, expose your kids to other countries. Give to charity, food banks, etc. You save and save and save and one day you die and strangers take all your stored wealth away. Some even earn 100k per annum and still go Queue up in Food banks just to collect free food. Some separate so as to collect more benefits from the Govt. Do not worry, Canada is not Nigeria where people worry, and some even steal to ensure their children's children are catered for. I have met many Nigerians abroad who know only how to work and save, nothing else. In the end, the stress of all that work leads to a breakdown in marriages, and disappointment in old age.

Thank you. I got the gist. I'm actually not new in Canada. I came here in early 2000s as a grad student. The federal government has tightened the rules over the years to be eligible for CMHC insured mortgages. I remember when 0% down payment and 40 year amortization mortgages were still available.

seunpinky:
You can look into my responses to @slydog for some insights on how to get this done.

Actually, I will like to learn how you did that. I can say for certain that Canada is not a hell of a place to live. Even when it gets really cold, it is still not hell of a place. People have different reasons for migrating. I know people that move back to Nigeria and lose their PR immediately they realize Canada is not for them. That's their choice and they live by it.

seunpinky:
I’m on the train so I have little time to banter .
I don’t understand why people think Canada is a hell of a place to live.

I have a younger friend that landed some months ago as a student, she’s doing two jobs one as an education assistant paying $26/hr and another as a PSW earning $25/hr. She juggles these two jobs alongside her studies. She stays in a shared apartment and pays rent of $500 per month all inclusive. You can imagine how much she would be saving on a monthly basis.

I would have loved to share an analysis of how I was able to do 2 houses in 16months and how I raised the money but I see that most people are not here to learn. They think everybody is a lamba god

You have time to respond. You actually presented a scenario of someone living the one of the most expensive city in Canada. Imagine if the person is leaving the Prairies or the Maritimes, the person would actually save more. He will spend less on accommodation.

seunpinky:
Let me help with this:
If u earn 100k per annum ur net monthly income is approximately 5,600
As a single person living a modest life:
basement Accommodation in Mississauga
monthly rent is 1200 (inclusive of all bills)
Groceries 350
Phone bill 50
Internet 80
Transport 200
Flex money 300

Can’t think of other expenses right now… but as a single person living a modest life and earning 100k per annum u should be able to save 30k per annum.

What are the major expenses that eats into the income of single people:
1. Rents in highbrow areas/condos (2,200/month)
2. Cars on finance… if u are financing a car, an average of 1k leaves ur income ( car payment 500, car insurance 300, petrol 300) that’s 1,100 cad per month on car.
3. Expensive dates where they spend an average of 150cad per date night.

I have a single female friend, the babe is focused she didn’t live a lavish lifestyle, She was very frugal with her funds. She was able to save up to buy a townhouse in Kitchener. Guess what she did, she maintained one room for her self and she rented out the 4 other rooms collecting 700 per room converted the siting room to another room This gives her a rental income of 2,800.

In the same vein, I have a married friend who earns less than 100k but has a combined family income of about 140k and he just bought his second house.

All these examples including me are all less than 30 years. Oya argue with ur keypads

I swear. It is as if McD is the only employer of labor.

GboyegaD:
It is amusing how many of you only know those who works with McDonalds.

I'm not sure the country knows what the impact of the brain drain is down the road. When skilled people in the 25 to 45 age range are relocating from the country. You have a lot to deal with. We are very enterprising, intelligent and diligent, once we get to a place and adapt, we become almost unstoppable.

delpee:
They're taking the best of our youth (those who choose to apply). They know we're enterprising, intelligent and diligent. All you need is to 5ake some courses to acquaint yourself with their operating systems once you arrive. You may experience a setback for the first 2 years in terms of position but it doesn't take long to catch up once you have Canadian experience.

Nigeria is losing so much.

They are looking for skilled workers with sufficient educational, work experience and funds to settle and contribute to the country. Not people that will be a burden from day one.

sweetkev:
I swear, that's the major problem. Spending more than 5 million for visa processing and other difficult procedures. Why can't they just do it like American visa lottery whereby people would be selected randomly after filling a form.

Europeans are still migrating to Canada. France is among the top 10 biggest sources of new permanent residents To Canada in 2021. Surprisingly, the U.S. is among the top 10 as well. People migrate for many reasons.

planetx:
How is it in the best interest of this people to see Africa develop, because it is proven that emmigration is drastically reduced when a nation develops. Immigration to America and Canada from Europe is basically zero now unlike 100 years ago except for the Ukrainian refugees which is caused by war.

That's serious. I won't know. I never lived in Toronto nor Vancouver.

CountVersailles:
Which of those indian rooms in downtown Toronto meet code? I don see person wey divide him living room into two and decided to rent half out as a "room". Isn't that just ridiculous? This is one very sad thing about Toronto and other big cities in Canada. Accommodation is such a big issue and is one of the biggest challenges new immigrants face.

Big wahala. That room does not meet codes.

ednut1:
Wahala

Yes, Canada of all places. The over 40,000 Nigerians in Canada as of 2016 has no get taste. https://canadaimmigrants.com/nigerian-immigrants-canada/

pansophist:
Canada of
all places? Nigerians no get taste lol

In as much as what works for Mr. A might not work for Mr. B, people have different reasons for relocating from Nigeria. I have asked many people why they relocate from Nigeria to Canada given their established careers and investments in Nigeria. They all have various reasons. The best is to leave each person to their reasons.

Promises40:
Omo Nigerians and their way of reasoning tire me, if they don't give them visa they complain if they give them too they will complain what is the colour of our problem? Did they force anybody to apply for visa? Anybody that wants to travel should travel it's their choice, anyone that wants to stay in Nigeria too should stay... We should stop all this unnecessary comparison.
What works for mr A might not work for my B period.

Ednut has answered your question. Once you understand the way the business is run, you can start your own company.

Occupation hazards, safety risks, and unemployment insurance is the last thing in the mind of an average Nigerian in Nigeria.

1stGenAmerican:
The occupational hazards and safety risks alone are worth more than a 100,000 Naira salary. Those who have never been exposed to job safety and security can’t imagine how bad off they are without it.

Given the current black market rate, #100K is less than CAN$200. However, the quality of life of someone making $200 a month after tax in Canada can not be compared to someone making #100K in Nigeria. It is only someone who is extremely lazy that will be making $200 a month after tax in Canada.

internationalman:
And is it 100k a conductor equivalent job will give you in Canada?

My bad, I didn't check the link. the link actually shows wages for transit operators in Ontario. Giving the cost of living in Ontario, I'm sure they will be very short of operators at that rate.

1stGenAmerican:
I’m sure you’re right. $15-$35 is the starting range but I imagine that with any experience or good work history, starting salary is closer to the $30 range you noted. I added a link to the job bank that’ll probably provide accurate info.
Aside from the safety practices, the conductors seem to have an easy job and can go home at the end of the day as clean as they arrived. Am I right?

In that case it is very bad that they do not know how to handle said money.

Treadway:
some certainly do make up to that amount, majority of them just don't know how to manage or handle money, so they don't have a full grasp of what comes in and what it could accrue to. Transporters (drivers and conductors) actually make ok money, they just don't know how to properly handle said money.

Based on where I have lived in Canada, I have not seen bus conductors. $15 per hour, the minimum wage in many provinces, sounds too low for a train conductor. I was expecting starting wage to be close to $30 per hour but I may be very wrong.

1stGenAmerican:
According to other Nigerians, they aren’t but op insists that they are however he hasn’t provided anything to back his word up.
In Canada, they earn between $15-$35 per hour and a benefits package. They’re covered by Government Occupational and Safety Hazard Regulations among other things and the Canadian government guarantees that they’ll be paid on time each pay period.

Me, I actually think the better question is, are conductors making #100,000 a month?

1stGenAmerican:
Just because a person doesn’t ‘fall sick’ doesn’t mean that they don’t have an illness. The life expectancy of Nigerians cancels out your assertions that Africans don’t get sick. If a Nigerian conductor falls ill, does his job provide the means and the time off for him to receive medical treatment? If he is injured on the job, is his medical treatment, salary, and compensation to cover his injury paid? If his spouse becomes pregnant, are his spouse and unborn child’s medical expenses covered?
I didn’t mention anything about spending money on vacation, I asked about paid vacation days. Do they receive paid days off for rest/relaxation and paid days off when they are sick.
Are conductors in Nigeria guaranteed to be paid for every hour they’ve worked at the end of each week or every two weeks without any delays or excuses?
Are conductors in Nigeria able to be sacked without just cause? Are conductors in Nigeria protected against nepotism by the government?

Davidganna10:
yeah tech and all, and formally oil companies in Alberta, what about those not in this profession.

That's why I said it depends a lot on your profession. The most important thing is settling where you can do very well in your profession.

Not necessary. It depends a lot on your profession.

Davidganna10:
But the opportunities are lesser in those province.

usj:
lol, that's why I created this thread. She/he was purely misleading people into believing a lie.

Please no point creating such a thread. When someone said part of the reasons Nigeria is better than Canada is mo gbo mo ya. You can only shake your head. Poverty has damaged so many people's brain such that free food in an uninvited party is part of the reason Nigeria is better.

She actually needs to be educated about Canada before comparing the two countries.

hakeem4:
okay let me give you a real life example of someone I know very well. the person collects 1300CAD every month before tax. After tax it gets to about nine hundred and something. i would pay rent, and other bills at the end of the day she is left with nothing

I hate when people lie like this online. No one makes 1,300CAD and go home with about 900CAD anywhere in Canada unless the person's wage is being garnished for owning government or owning people. Even in the almighty Quebec where taxes are very high, someone making 1,300CAD goes home with over 1,100 CAD. You can check payroll deduction on cra website. That someone is either lying to you or you make that up. Nigeria is not a place you compare to Canada.