At 5 YOE and ~300k cad TC, I feel like I hit a ceiling while at the same time it doesn’t feel like all the sacrifice I put into this and continue putting into this is worth it. Earning nearly in the top 0.1% of people (look up statscan) should at least give you the privilege that the median income earner in 1970 had. It feels ridiculous that the best I can afford is a 1+1 bedroom apartment. I also pay more than 40% of my gross income in taxes and 53%+ marginal. At least you can get access to healthcare and good enough services in EU, here I couldn't even get my fractured foot looked at by a doctor until it was too late. Public transportation is awful and my commute is sucking the life out of me. I won't even get a pension based on my income like in most of the EU, it will just be the bare minimum to survive and probably not even enough for that at that point. Plus the high marginal tax saps any motivation to try harder. I already can’t achieve financial freedom anytime soon let alone generational wealth and the marginal tax makes sure it’s more than twice harder to get ahead not to mention that I’m pretty much at the ceiling of what I can earn in Canada so I end up being just motivated to not lose my job nothing more. Maybe I need a change of mindset but for me that’s a problem because I always focused on career growth. I know this is highly personal but I really want to hear from people who are or were in similar situations and decided to leave for greener pastures. Were you happy with your decision? #canada #move #taxes #swe
I moved to US from Canada for the financial benefits. Do plan to go back to Canada later in life because I like living there- but for now i want some money in the bank. If you calculate savings in US v savings in Canada it is ridiculous.
I'm confused why you keep comparing Canada with EU where over there it is even more tax and even less pay
It's not more tax. Check this: https://ca.talent.com/tax-calculator?salary=300000&from=year®ion=Ontario At 42.7%, Canada would rank in the top 10 European countries for 300k CAD and many of those countries include income based pensions and all include better healthcare. The idea that Canada is lower tax than EU is based on average incomes, Canada has very aggressive brackets, it goes from 20%s for under 80k (55k eur) to 40%s for 105k+ (73k eur) Toronto/Vancouver are more expensive than Amsterdam, Paris, Munich...etc.
100% happy with my decision.
Personally I’d move to Canada if I get a chance. So much more social safety net in Canada.
Canada is a shithole
What’s the reason ? We pay crazy tax and no social safety in California
Would love to move to the states same kinda thing but no degree so it prettymuch needs to be an l1🥲 Was talking to my wife about this yesterday because the amount of tax we pay compared to what we actually benefit from is crazy here. She has been trying to find a family doctor for 5years… last month sat in emerge for 12hours before she was seen because no doc, walk in clinics are busted now…
I believe there's a "years of experience" replacement for years of diploma/degree. This was said to me in passing (since it didn't matter for me) but consult an immigration lawyer if you haven't already to see if there's a viable path.
Ya I’ve heard that also but I’m at 6yoe and it needs to be 3 to 1 from what I’ve heard so 12yoe. I do have an unrelated 2year diploma that might help not sure on that one so probably should check with a lawyer
He thinks 300k is high income 😂
It is in Canada. Pretty much the ceiling.
Yeah in Canada the top 1% makes 250k CAD while in the US it's 600k USD (~813k CAD) so compared to the average person in Canada it's as if I make like 800k in the US which would be unheard of even in tech at 5 YOE https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1110005501&pickMembers%5B0%5D=1.1&pickMembers%5B1%5D=3.3&cubeTimeFrame.startYear=2016&cubeTimeFrame.endYear=2020&referencePeriods=20160101%2C20200101 https://www.forbes.com/advisor/investing/financial-advisor/are-you-in-the-top-1-percent/
I moved down to the US at around ~5 YoE, and was not making (in Canada) anywhere near what you're making today. Nowadays I'm about 8 YoE and pulling down ~450k TC, living in NYC, and saving quite a bit. The taxes are heavy (in NY/NYC) but we did the numbers and are saving far more than we could have had with any trajectory we were on in Toronto. Very happy with our decision.
300k with 5 YOE ? Google offers that ? Was it mainly stock appreciation ?
Moving to the US soon.