Sudbury gets $1.52M for housing boost
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Globe and Mail
an hour ago
- Globe and Mail
Oakville dad, 34, came from humble beginnings, now makes $250,000 in tech marketing
Name, age: Clay, 34 Annual income: $250,000 from job, $15,000 from side hustle teaching online business courses Debt: $700,000 on mortgage Savings: $20,000 in savings account, $125,000 in tax-free savings account (TFSA), $350,000 between him and his wife in registered retirement savings plan (RRSP), $16,500 in registered education savings plan (RESP), $170,000 between the two of them in non-registered accounts and individual stocks What he does: Marketing in technology Where he lives: Oakville, Ont. Top financial concern: 'Layoffs. I am in an industry where I work on [artificial intelligence] and I know where this is headed. I think it's inevitable I will be laid off.' Clay came to Canada with his parents when he was around 10 and had a humble start here, living in a rental unit in Regent Park in Toronto. 'My parents struggled in the beginning,' he says. 'I remember going to Goodwill, and picking up mattresses from the sidewalk to sleep on.' Clay added he doesn't want his own child to face the same obstacles. He and his family have done well since then. Clay's dad was a computer engineer in their former country, and was able to resume that career once he was proficient in English. Clay went to business school and now makes $250,000 in total compensation from his marketing job in the technology sector. He, his wife and their new baby live in a 2,000-square-foot detached home in Oakville, an upscale part of the Greater Toronto Area. What does it cost to raise a kid? That depends on how much parents earn Clay acknowledges that many CEOs tend to live in Oakville but says that isn't the case where he lives with his family. 'It's a pretty modest home,' he says. Even still, the couple bought their house early in the pandemic when the market was booming, at a price of $1.3-million. Clay considers their $700,000 mortgage to be 'large,' but says they have focused on investing rather than aggressively paying down their mortgage. 'The math tells us we are better off investing the extra cash,' he says. Clay is also looking into leveraging a home equity line of credit to invest and save on taxes. The couple hasn't done any major renovations to their home yet and are holding off because they are considering upgrading to a newer house in the future. A lot of their expenses are in a holding pattern, Clay explains, thanks to the new baby and the resulting adjustment to their lifestyle. He and his wife were already homebodies, but the baby has amplified that tendency and reduced or eliminated major parts of their budget, such as travel, he says. 'This used to be a top annual expense when we traveled abroad between two and four times a year,' Clay says. 'We use credit card points to pay for our travels and have saved almost $100,000 in flights and hotels. We don't plan to travel with the new baby so will continue to accumulate points.' Clay's wife makes about $130,000 annually when working but is taking an extended maternity leave right now to care for their child. When she returns to work, the couple plans to send their child to a Montessori daycare that costs $2,000 a month. Clay is thankful for their lifestyle, acknowledging that his good fortune is a mixture of timing, luck, and thorough preparation and savings. He feels the current cost of living would make it much harder for a new immigrant family to thrive in the way his did. 'Our story would be very different, and part of me just feels sad,' he says. Investment and savings: $5,191 $1,100 to pension. 'Defined contribution pension, company matches up to $7,000 per year.' $2,200 to company stock and savings $583 to TFSA. 'We contribute to the max in January.' $1,100 to RRSP. 'I do a lump sum of about $10,000 to $15,000 to max my annual contribution.' $208 to RESP. 'Will contribute the $2,500 per year for the next 14 years to get the annual government grant.' Servicing debt: $3,500 $3,500 to mortgage. 'Will jump to about $4,200 a month when we renew.' Household and transportation: $1,595 $550 on property tax $300 on utilities $80 on gasoline. 'Since my wife started her mat leave and I work from home, this has gone down.' $242 on car insurance $38 on car maintenance. 'Two vehicles: oil change, tire swaps.' $125 on road tolls. 'Highway 407 fees for when we visit the grandparents.' $170 on cell phones. 'Both of us, with phone leases.' $90 on internet Food and drink: $1,600 $1,000 on groceries. 'We definitely spend a lot on organic meats and vegetables at places like Whole Foods. We do stock up when things are on sale.' $600 on restaurants. 'We do takeout on Friday and Saturday. With the baby, we stopped going to a sit-down restaurant.' Miscellaneous: $5,570 $5,000 on income tax, Employment Insurance, Canada Pension Plan $40 on streaming services. 'Netflix Standard with ads, YouTube Premium.' $100 on clothing $40 on gym membership $200 on baby stuff. 'Diapers, books, toys and clothing.' $40 on haircuts $50 on cosmetics $100 on gifts. 'The extended family is growing, so more gifts for birthdays and celebrations.' Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Are you a millennial who would like to participate in a paycheque profile? Send us an e-mail.
CBC
an hour ago
- CBC
LeBlanc says he expects Carney, Trump to talk 'over the next couple of days'
Social Sharing Dominic LeBlanc says he expects Prime Minister Mark Carney and U.S. President Donald Trump will have a conversation with each other "over the next couple of days" as Canada tries to find a way out of a 35 per cent blanket tariff on exports to the U.S. "We believe there's a great deal of common ground between the United States and Canada in terms of building two strong economies that work well together," said LeBlanc, the minister responsible for Canada-U.S. trade, on CBS's Face The Nation. LeBlanc left Washington earlier this week without a deal, but he told host Margaret Brennan he came out of discussions "with a better understanding of the American concerns in the trading relationship…. So we're prepared to stick around and do the work needed." Few Canadian goods subject to new rate On Friday just after midnight, Canada's tariff rate rose to 35 per cent following a Trump executive order that criticized Canada's "lack of co-operation" in curbing the flow of fentanyl southward and for retaliating against Trump's existing tariffs. But only a very small number of Canadian products will actually be subjected to that rate — specifically goods not covered by the Canada-U.S.-Mexico Agreement, which governs trade between the three countries. WATCH | LeBlanc insists there wasn't a good deal before Trump's Aug. 1 deadline: No trade deal with U.S. better than a bad one, LeBlanc says 2 days ago LeBlanc told Brennan that Canada was "obviously disappointed" by Trump's decision to raise the tariff rate. In a separate interview on Face The Nation, U.S. Trade Representative Jamieson Greer said Canada was the only country aside from China to retaliate against Trump's tariffs. "If the president is going to take an action and the Canadians retaliate, the United States needs to maintain the integrity of our action — the effectiveness — so we have to go up," Greer told Evans. Trump tariffs face legal challenge When asked whether Canada should drop its countertariffs, LeBlanc cited Ottawa's 25 per cent countertariff on U.S. steel and aluminum imports. "There's a 50 per cent tariff when we want to sell [steel] into the United States, so effectively we're blocked from doing that. But the national security interest of Canada requires we have a viable steel and aluminum sector." Trump invoked his 35 per cent levy using a law that allows the U.S. president to take emergency economic measures to "deal with any unusual and extraordinary threat" to national security. That tariff is facing a legal challenge that has now reached a federal appeals court, putting it further along in the U.S. court system than any other tariff lawsuit.
CTV News
2 hours ago
- CTV News
Why this Canadian destination is seeing a ‘tourism upswing'
Businesses in the Niagara Region have seen various impacts from the on-going trade war between U.S. and Canada. CTV's Kamil Karamali has more. One of Canada's top tourist destinations is seeing fewer American visitors because of the ongoing trade war with the United States, but the city's mayor says other kinds of tourists are making up for the losses. 'What we're anticipating is it's going to end up levelling out and averaging up. What we lost in American visitation, we're making up in domestic travel with Canadians, and with internationals from Europe and South America, Mexico,' Niagara Falls Mayor Jim Diodati told CTV News on Saturday. 'We have noticed a major uptick in international visitation besides the U.S., and many people are choosing to avoid the U.S. and come to Canada instead.' Diodati noted that they won't have exact numbers available until the end of the tourism season, but that the city is basing these figures off cross-border bridge and airport traffic. 'We (get) 14-million (visitors) a year. Typically, 25 per cent are Americans, and (they) typically make up 40 percent of the revenue. Right now, we're still seeing a strong American visitation, but it's off by … 10 to 15 per cent,' said Diodati. Businesses doing better with fewer Americans Some Niagara businesses say they've seen an increase in sales since the trade war, because of the influx of Canadian and non-U.S. international visitors. 'This year is better than last year, in terms of revenue. When I look at the numbers, month to month, year to year, it's been more busy in the shop,' said Nick Cupolo, owner of the Evergreen Thrift Store in Niagara Falls, adding that revenue is up by about 15 per cent compared to July of last year. Cupolo says some of those additional visitors helping boost revenue came to the region under more tragic circumstances, fleeing wildfires in other parts of Canada. 'Niagara Falls was a huge hub for those who had to flee northern Manitoba, northern Ontario,' he said. 'A lot of them came with just one suitcase, and being a place where they could get affordable clothing was an asset for them and it worked out well for us as well, as someone who could supply them with it.' Meanwhile, Pearl Morisette Winery, just outside the neighbourhood of Jordan Station, has been selling more wine because its visitors are choosing to buy local. 'Folks don't want to drink American wine and people will be outspoken with that,' said Daniel Hadida, co-chief and co-owner of Restaurant Pearl Morissette. 'So, if there's anything we've really noticed a specific change in, it's guests being outspoken in not wanting to drink American wines.' While Niagara Falls has seen fewer American visitors, the Pearl Morissette restaurant, labelled the best in the nation by 'Canada's 100 Best' this year, said it has actually seen an uptick in American guests booking tables, partially because of how far the U.S. dollar goes in Canada. 'I think we've gone from maybe about one table a night, where now we're seeing in some cases 25 per cent of our dining room is guests coming over from the U.S.,' added Hadida.
