A new report from the Toronto-based Wellesley Institute claims that families need a household income between $103,032 and $136,426 after tax.
The report also says that half of the families in the Greater Toronto Area fall below that mark. I’ll also point out that this number is to support a regular nuclear family of four. That being said, my partner and I make about roughly that much, and I don’t think we could support two kids effectively. I could be wrong, but it would be very tight in my experience.
For people living in the Toronto area, the most expensive things are their home, savings and debt. And for most, these three things usually take up more than half of their income.
To put this into perspective, how much you need to make and what kinds of jobs you need to acquire to make this happen, it should be noted that two people working full time at a minimum wage job will only make a total of $55,575 per year.
Keep in mind that this is what people need to thrive, not just survive. The living wage in the GTA is $22 an hour per person.