Posted on 12/01/08
Debt reduction key to couple's retirement
In Toronto, a couple we'll call Felicity, 56, and Tristan, 51, average $110,000 in gross income. Currently, their salaries produce combined after tax income of $78,000 a year, or $6,500 a month. That's more than enough for a good life in most of Canada, but in Toronto, where they pay $2,200 a month in rent for their three bedroom townhouse, their income is actually fairly modest. Moreover, Tristan was unemployed for six months in 2006, straining the couple's finances.
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