Photo illustration: Globe and Mail/iStock Photography / Getty Images
name and age:Jordan, 37 years old
annual income: $185,000 plus $6,960 from income property.
debt: Mortgage $457,561
Savings: $88,500 in savings.Pension $44,000
What he does: Tax and Accounting Manager
where he lives: Scarborough, Ontario.
Originally from the United States, Jordan has lived in Canada for 21 years. A permanent resident of Canada, he originally moved to Alberta but now calls Scarborough his home. The 37-year-old works as a tax accounting director at a major Toronto bank and earns $185,000 a year.
Despite his high income, he doesn’t own a car and splits the rent on his three-bedroom townhouse with his girlfriend. The couple spends their free time dining at his many ethnic restaurants in the Toronto suburb of Scarborough, known for its diverse cuisine.
“I’m a pretty frugal, recovering Mormon,” he says, noting that he grew up poor. “Thanks to my girlfriend, I can enjoy life a little more.”
Jordan is surprised by the high prices of food and housing in Canada. “I don’t understand how Canadians are so successful,” he says. He said he has no plans to buy in what he says is an overheated real estate market.
“Being a U.S. citizen, I’m a little limited in what I can invest from a tax standpoint,” he said, referring to how some tax-free income earned in Canada is treated in the United States.
Instead, Jordan owns two properties in Utah. It’s about two hours north of Las Vegas and about four hours south of where I grew up in Salt Lake City. He has a $271,000 mortgage on his townhouse, which he purchased in 2021, and pays $1,489 a month plus a $197 maintenance fee to cover that mortgage. (All numbers in this profile are in Canadian dollars.)
He also has a $186,000 mortgage on a condo he bought in 2022. His monthly payments there are $1,581 for the mortgage and $237 for the condominium. Both properties are rented and provide a monthly income of $580 after mortgage, insurance and maintenance payments.
Jordan is divorced and pays $1,000 a month in alimony and $2,751 in child support to her two daughters, who live in Alberta.
When it comes to splurges, Jordan loves to travel, going to the US and Singapore to visit his girlfriend’s family. “We do some pretty significant travel,” he says.
He also regularly flies to visit his daughters. He wants to instill in them a sense of fiscal responsibility. “I want them to be smart about things, and have to be patient and save up for things. Sometimes you can’t do what you want to do.”
Jordan is also civic-minded. He spends his evenings walking around his neighborhood and calls the city’s hotline to report fallen trees, holes that need to be filled, and overflowing trash cans. “I love improving urban environments,” he says, adding that he also helps pick up trash around Lake Ontario.
Jordan believes in giving back. “I would like to establish a scholarship fund for accounting students,” he says. “My undergraduate tuition was covered by a scholarship, and so was my master’s tuition. I was very lucky.”
His typical monthly expenses are:
Investments, savings, and taxes: $7,966
$2,000 For investment. “I am a member of a Canadian securities money market fund. The interest rate is 4.75 per cent.”
$466 To RPP. “My employer matches my contributions.”
$5,500 For taxes. “I have to file tax returns in both countries every year. But my Canadian taxes are usually high enough that I don’t actually pay anything to the IRS.”
Home and transportation expenses: $1,840
$1,800 Rent. “My girlfriend is my landlord. We have a three-bedroom townhouse.”
$0 on the internet. “It’s included in the rent.”
$40 In transit. “I work from home, so I only refill my Presto a few times a month.”
Food and drinks: $400
$250 About groceries. “My girlfriend buys groceries and I pay half the price. She goes to her No Frills or the Asian grocery store on the corner. She loves to cook.”
$150 About eating out. “We love the ethnic places around Scarborough. We eat Jamaican, Sri Lankan and Chinese food.”
$0 For coffee. “I never developed that habit.”
$0 About alcohol. “I grew up Mormon and she grew up Muslim. We don’t drink.”
Others: $4,327
$17 On your mobile phone. “My cell phone is covered while I’m at work. This is a low usage plan so my daughters can call me.”
$20 About clothes. “I work from home, so I sometimes buy jeans. I go to Old Navy.”
$139 About dentistry.
$0 With the app. “I put up with all the ads between songs on YouTube.”
$2,571 Regarding child support.
$1,000 Regarding alimony.
$80 Even child allowance. “I give each daughter her $10 a week, which goes directly into their bank accounts and they can spend it however they want.”
$1,500 1 month vacation. “We just spent two weeks in America. We’re going to Portugal in October and then Mexico.”
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