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I have couple of questions regarding the Cost Of living in Canada (Ontario Region). Please kindly note that, maximum cost saving is required in all possible ways. I can live without leisure life. Only basic need including Internet & Mobile bills for living can alone be applied.

  1. I would like to know if a Single Person from India can live in Canada under the budget of ~c$800 per month if Sharing Accommodation is opted-for living?
  2. How common is it for People to get Sharing Accommodation there?
  3. If not, how much a person can save to the maximum per year if one gets c$80,000 salaried job there after deducting all Taxes, Monthly Rentals for Room, Mobile charges, Internet, Food, transportation etc.

The intention here is to save maximum money per year and send back to home. I was looking for saving a minimum of c$49,430 per year.

Is it possible to save that much in a year in anyways? If someone can help me with this in any combination of cost saving budget plans, it would be really really helpful.

If self cooking is an option, then I can learn cooking also if required.

UPDATE 1: I was informed that only about $500 to $700 is all required to spend per month on total if Sharing accommodation is opted for living without any transportation as the office is in walk-able distance. Is it possible to save ~$49k per year?

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  • How have you arrived at the figure of $1,400pm for living expenses? wealthsimple.com/en-ca/tool/tax-calculator Have you looked at cost of living comparison sites eg expatistan.com/cost-of-living/quebec-city? Learning to cook would be essential in this scenario, I’d imagine – Traveller May 13 at 7:56
  • @Traveller, I kind of came up with that value of $1,400 in reverse order. First I subtracted the taxes as per my knowledge of $13,703.9 per year. Which leaves me at $66,296.1 per year i.e. $5,524.675 per month. I was informed by my superiors that I could save about $24,714 per six months i.e $4119 per month. So, the remaining amount left to spend is ($5,524.675 - $4119) = ~$1,405.6. This is how i came up with value "1,400". So, this is what puzzled me to know if this is possible or not. They are saying for sure, I can save about $24,714 per six months if spent wisely. – Unknown May 13 at 9:28
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    @Unknown where did your number for taxes come from? The tax calculator Traveller linked seems to say you’d be left with 59k after tax. That leaves much less than 1.4k per month available for living costs if you want to save 49k per year. More like 800 dollars per month, if the site is accurate. – Chris H May 13 at 10:34
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    Also, your first comment says that your superiors told you you could save "about $24,714 per six months" - while they probably have an interest in convincing you to accept the offer, they're also far better placed than we are to estimate the cost of housing within walking distance of the office. I doubt we can really help you a whole lot. If their $500-$700 p/m number is realistic, then $80k probably (just about) leaves you with enough for your goal - unless you run into unexpected expenses. I'd very much advise saving at least 2-3 months' salary for yourself to account for that possibility. – Chris H May 14 at 9:00
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    I think you should ask Q2 as a separate question, giving more information about the background to your request eg the precise location(s) you’d be interested in, projected arrival date, intended length of stay. The rest of your question is really asking for opinions, IMHO it’s unlikely you’ll get an answer to it in its current form. Perhaps if you put together your own indicative budget from your research someone with local knowledge might be able to respond. – Traveller May 14 at 15:33