I think you’ll need more given food inflation is perhaps 5% now. So your $1M TFSA might need to be $2M. Keep in mind parking/transit, hydro, property tax (or rent) and food (given minimum wage is $15/hour soon).
Canada’s food prices offer a taste of inflation to come
But grocery price spot checks by Prof. Charlebois’s team show the cost of food has risen lately in some cases. At the beginning of the year, the group recorded the price of 100 specific food products from stores that may not normally be included in the CPI. Sample finding: Blueberries, lettuce, pears and broccoli were up more than 9 per cent over January as of mid-May.
Meat products were generally 11-per-cent more expensive than they were in January, although the Dalhousie report adds that the arrival of the summer barbecuing season may have had an impact here. Dairy and fish products were down in price, but overall food costs rose more than 5 per cent in the past five months.
“We suspect that food inflation in Canada right now is north of 5 per cent for sure,” Prof. Charlebois said. Beneath this national average are stagnant prices in Alberta and rising prices in Ontario.