GanzChroma 0243
One of the questions I get asked often is, "How much can I expect to earn as a compositor in the VFX industry in Vancouver?"
Unlike other schools and instructors who often paint the best-case scenario to attract wide-eyed students, I don't. I am a pragmatic person. It's a trait common among Singaporeans, and it seems to be challenging for some to grasp. We simply are not the type to be hoodwinked by hope.
Numbers don't lie - unless, of course, you manipulate them to push your agenda.
Let's start with the basics: Minimum Wage.
The federal minimum wage in Canada as of July 24, 2024, is $17.30 per hour.
If you work 8 hours a day, 5 days a week, for 52 weeks, here is the calculation
(your 2 weeks of vacation are included here)
(8 hours x 5 days) x 52 weeks = 40 x 52 = 2080 hours
$17.30 x 2080 hours worked = $35,984
Total Income: $35,984 (Gross Income)
Federal Tax: $2,654
Provincial Tax (BC): $1,087 (This varies between provinces)
CPP/EI Premiums: $2,520
This add up to : $6,171 (Total Tax)
Average Tax Rate: 17.15%
This is Gross Income divided by Total Tax
Math: ($6,170/$35,984) x 100 = 17.15% (Always round up taxes)
After-tax Income: $29,813 (Net Income)
This is Total Taxes substracted from Gross Income
Math: $35,984 - $6,171 = $29,813
Net Income divided by 12 months: $29,813 / 12 = $2,484.41 (Round Down)
You will take home approximately $2,484.41 per month if you earn minimum wage.
I don't know about you but that doesn't seem like a awful lot.
Imagine investing a modest sum in education, creating something truly impactful that people love, and achieving a 10X return on investment (ROI). Sounds incredible, right? Well, it’s not just a dream - it's entirely possible.
By focusing on valuable skills and knowledge, you can turn your passion into something amazing and see significant returns. The key is to believe in your potential and take that first step towards your goal.
P.S. What’s one educational investment that has made a big difference for you?