For the sake of exercise students will consider Canada as their home country. Students will be selecting 1.their dream role/job and 2. Their dream country – this would be a country that you have always wanted to move to (make sure it’s not Canada) – make sure you are converting your preferred destination currency into CAD for easy calculations; For example if your dream country is USA and you will earn 7000USD annually for your preferred job you will convert 70000USD into CAD
• Now look at the average salary for your selected job title in both Canada and your dream country
• Look at the tax bracket for your job title in both Canada and your preferred location (this will help you understand how much would you be taxed in both countries)
• Calculate COLA (Cost of living) not for countries but for cities; for instance Vancouver v/s Los Angeles and so on. Do not rely on websites that give you exact figure for cost of living instantly such as Numbeo, Expatistan etc., as there data is not reliable and you are required to perform your own search. COLA – add any items that you think should be included in cost of living – Remember, the most concrete your item list is the better.
• In the end calculate your Earnings after taxes and all necessary expenses – savings –
• For your clarity I have added a table below to simplify your calculations – Remember, this is just a template you don’t have to blindly follow it – show your creativity
HR Consultant –Vancouver Canada – home country HR consultant LA, USA
Avg yearly salary Avg yearly salary
Taxes – think of all the common tax deductions applicable Taxes – think of all the common tax deductions applicable in the host country
COLA – add any items that you think should be included in cost of living – Keep in mind your family size COLA
Savings Savings
