How much do you need to make to thrive in Toronto?
Posted October 3, 2017 12:38 pm.
Last Updated October 3, 2017 1:16 pm.
This article is more than 5 years old.
Anyone who lives in Toronto is well aware that the rising cost of living can impact their quality of life. Many are just scraping by, barely making ends meet while sinking deeper into daunting debt.
They may be surviving, but they’re not thriving.
So how much would you have to make to thrive in the bustling metropolis?
According to a report by Toronto-based think-tank, the Wellesley Institute, a single person between the ages of 25-40 would need to make between $46,186 and $55,432 – after tax – to live the good life in the Greater Toronto Area.
They arrived at that figure by first accounting for the basic costs of survival, like food and shelter, and then considering the costs associated with quality of life categories like social participation, which includes things like hobbies, travel and socializing.
“This figure indicates total cost of supporting an individual’s ability to thrive, which is defined as meeting their basic material needs, enabling connections to community and family, supporting educational and professional advancement, and ensuring long-term financial security,” the report states.
To put that in perspective, a person making the current minimum wage takes home around $20,000 after taxes. Even after hiking the minimum wage to $15, they fall markedly short, taking home around $25,500 – about half of the projected income needed to thrive in the city.
According to the report, it takes a village to assure we are all on the path to thriving.
“Individuals, communities, employers, and governments across all levels have a role to play. These players share responsibility for supporting a physically, socially, and economically healthy population.
“This cost of thriving provides a way to understand the gap between the current environment and one that allows everyone to thrive, and can be a starting point for a broader conversation about what is really needed to improve health and health equity in the GTA.”
You can read the full report below.