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Name, age: Allan, 45
Annual income: $31,314 from work last year (after making $88,000 in 2023), $10,800 in provincial and federal child benefits
Debt: $5,000 on line of credit, $125,000 mortgage
Savings: $12,000 in tax-free savings account (TFSA), $175,000 in registered retirement savings plan (RRSP), $30,000 in registered education savings plan (RESP)
What he does: Freelance motion picture editor
Where he lives: Montreal
Top financial concern: “Breaking even, because right now, I am living at a deficit.”
Allan’s career in film and television had been on a steady upward trajectory since he graduated with a university communications degree in 2003 – until 2023, when suddenly, there was no work.
“I kept thinking at first that things will bounce back,” said Allan, 45, who had made up to $95,000 in a good year. In 2024, he earned only $31,000. “The denial was pretty strong.”
He believes a combination of factors has led to the reduction of film work in Montreal: streaming services have tightened their production budgets, advertising revenue has fallen, artificial intelligence is being applied more broadly, and fewer American shows are filming in Quebec.
The industry is terrible right now and has been for a year or a year and a half, said Allan, a 45-year-old father of two kids, ages 4 and 2. “These are anxious times.”
Allan and his partner own their home, a ground-floor unit with a backyard in a building in Montreal’s Little Italy neighbourhood. They bought it from his partner’s aunt in 2019, who sold it to them privately at close to market value, but with no real estate fees or potential for a bidding war.
At that time, Allan had received a $200,000 inheritance and put $150,000 toward the down payment. That left the couple’s mortgage payments at only $1,000 a month, which they split, as they do with the majority of their shared household expenses.
“I was paying this amount in rent 10 or 15 years ago,” he said. “It’s been a huge saving grace, a huge lifeline, that I don’t have any big payments.”
The couple has a household budget and puts away money for anticipated expenses, such as car repairs. But Allan doesn’t make enough to cover all his expenses every month and sometimes relies on a line of credit to cover the extra costs.
The family also benefits from Quebec’s low-cost daycare – $18 a day for both kids – and generous child benefit payments, which he continues to put into his childrens’ RESPs despite the strain on other parts of his budget. He’s no longer putting money into his RRSPs or TFSA, and has withdrawn some TFSA money to pay debt.
“That’s a bit of a drag,” Allan said. “I am generally pretty anxious all the time.”
His typical monthly expenses:
Investment and savings: $500
$500 to RESP. “Money we’re resisting spending and putting into savings.”
Servicing debt: $500
$500 to his half of the mortgage. “Our cost of living is pretty low.”
$0 to line of credit. “To pay it off I have probably cashed out $15,000 to $18,000 from my TFSA.”
Household and transportation: $789
$150 to condo fees
$42 to property insurance
$125 to property tax
$88 to utilities
$38 for parking space
$25 for gasoline
$51 for car insurance
$75 for car maintenance. “We put money aside so we don’t think about it.”
$50 on transit
$120 on cellphone
$25 on internet
Food and drink: $1,325
$1,000 on groceries.
$25 at coffee shops
$250 at restaurants
$50 on alcohol
Miscellaneous: $1,725
$717 to income tax. “I cashed out TFSAs to pay it.”
$78 to union dues
$250 on entertainment
$40 on streaming services
$20 on Spotify
$50 on clothing
$360 on childcare. “$18 a day for two kids.”
$25 on sports. “Kids’ activities.”
$50 on other kid-related expenses. “Clothing, etc.”
$10 going to movies
$25 on haircuts
$100 on vacations
Some details may be changed to protect the privacy of the person profiled. We want to thank them for sharing their story. Are you a millennial or Gen Z who would like to participate in a Paycheque Project? Send us an e-mail.
