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Your road to the RFD $100k individual Salary!

  • Last Updated:
  • Jan 18th, 2019 3:57 pm
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Deal Addict
Apr 21, 2014
1911 posts
668 upvotes
Alberta
holden wrote:
Jan 2nd, 2019 2:33 pm
Have you needed to come back to Canada since Trump took over and have you had any issues? My cousin works on a visa in investment banking and his employer has recommended him not to travel outside the country too much.
I just went to Vancouver on the 28th and got a new TN Visa done on the 31st of December and didn't have any issues. Even though I had a TN valid until 2021, it's employer specific so had to get a new one with the new company's name.

I 'renewed' my TN in July 2018 as well with no issues.
Newbie
Aug 11, 2005
21 posts
11 upvotes
quik wrote:
Jun 28th, 2017 8:31 pm
Finished my BBA in 2010 at 24 year old. Now 31.

2010 - 46K
2012 - 72K (Promotion)
2013 - 77K
2014 - 81K
2015 - 84K

Did an MBA between 2014-2016

2016 - 100K (changed job)
2017 - 110K
Quick update, now at 127K at the same place in 2019.
Jr. Member
Feb 13, 2017
151 posts
73 upvotes
toronto, ontario
PhotoSmurf wrote:
Jul 30th, 2018 7:34 pm
Private banking at major Canadian bank. Specialization is wealth management.

$193,000 (minimum) to $212,000 (potential) this year.

100% cash payout. No benefits of any kind (negotiated cash-in-lieu of benefits).
Took voluntary one-time 10% pay reduction to reflect our poor Q4 performance.

2018 compensation = $181,000 cash + $0 benefits

But received additional $100,000 retention bonus in December.

Owners of our business unit plan to sell within 3 to 5 years and want to "lock in" senior management team until then.
Deal Addict
Apr 21, 2014
1911 posts
668 upvotes
Alberta
PhotoSmurf wrote:
Jan 2nd, 2019 9:41 pm
Took voluntary one-time 10% pay reduction to reflect our poor Q4 performance.

2018 compensation = $181,000 cash + $0 benefits

But received additional $100,000 retention bonus in December.

Owners of our business unit plan to sell within 3 to 5 years and want to "lock in" senior management team until then.
What are the terms of the retention bonus? Haven’t heard of a retention bonus being that far out (3-5 years). If you leave before that time how much is repayable.
Newbie
User avatar
May 10, 2017
59 posts
25 upvotes
PhotoSmurf wrote:
Jan 2nd, 2019 9:41 pm
Took voluntary one-time 10% pay reduction to reflect our poor Q4 performance.

2018 compensation = $181,000 cash + $0 benefits

But received additional $100,000 retention bonus in December.

Owners of our business unit plan to sell within 3 to 5 years and want to "lock in" senior management team until then.
$100,000 retention bonus is amazing, but after 3-5 years, you’re out of a job then?
And you can’t apply to another job before then because you are “locked in”?
Poor
Deal Expert
User avatar
Jul 29, 2003
18294 posts
1562 upvotes
DirtPoor wrote:
Jan 3rd, 2019 6:47 am
$100,000 retention bonus is amazing, but after 3-5 years, you’re out of a job then?
And you can’t apply to another job before then because you are “locked in”?
He can apply, he just can't be available until the business winds down.
R.I.P. Rick Rypien #37

For Sale:
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Jr. Member
Feb 13, 2017
151 posts
73 upvotes
toronto, ontario
abc123yyz wrote:
Jan 2nd, 2019 11:45 pm
Haven’t heard of a retention bonus being that far out (3-5 years).
It is probably not a "retention bonus" by legal definition. Retention payments are usually made to retain key personnel AFTER a business sale or takeover and not BEFORE. But I don't know what to call this... any suggestions?

abc123yyz wrote:
Jan 2nd, 2019 11:45 pm
What are the terms of the retention bonus?

More details:
- $100,000 will be deposited every year---to a maximum of $500,000---to a separate non-interest bearing internal account.
- these funds will be considered conditionally vested but will not be paid out until terms of final disposition are fulfilled.
- payment schedule as follows:
> terminated with cause or quit: $0
> terminated without cause, permanent layoff, constructive dismissal: $100,000 per year
> successful sale of business or 5 years (whichever comes first): $500,000
- payment is made fully separate and independent of any current or future compensation or severance package.
- payment may not be assigned, transferred, or used as collateral. No beneficiary designation permitted.

There are no provisions for repayment as far as I am aware. Keep in mind the funds will be held by the company until final disposition.
Newbie
User avatar
May 10, 2017
59 posts
25 upvotes
PhotoSmurf wrote:
Jan 3rd, 2019 12:46 pm
It is probably not a "retention bonus" by legal definition. Retention payments are usually made to retain key personnel AFTER a business sale or takeover and not BEFORE. But I don't know what to call this... any suggestions?





More details:
- $100,000 will be deposited every year---to a maximum of $500,000---to a separate non-interest bearing internal account.
- these funds will be considered conditionally vested but will not be paid out until terms of final disposition are fulfilled.
- payment schedule as follows:
> terminated with cause or quit: $0
> terminated without cause, permanent layoff, constructive dismissal: $100,000 per year
> successful sale of business or 5 years (whichever comes first): $500,000
- payment is made fully separate and independent of any current or future compensation or severance package.
- payment may not be assigned, transferred, or used as collateral. No beneficiary designation permitted.

There are no provisions for repayment as far as I am aware. Keep in mind the funds will be held by the company until final disposition.
Let’s say your company is sold in 5 years, then that’s $500,000 bonus in your pocket.
That’s incredible!
Poor
Deal Addict
Apr 21, 2014
1911 posts
668 upvotes
Alberta
PhotoSmurf wrote:
Jan 3rd, 2019 12:46 pm
It is probably not a "retention bonus" by legal definition. Retention payments are usually made to retain key personnel AFTER a business sale or takeover and not BEFORE. But I don't know what to call this... any suggestions?





More details:
- $100,000 will be deposited every year---to a maximum of $500,000---to a separate non-interest bearing internal account.
- these funds will be considered conditionally vested but will not be paid out until terms of final disposition are fulfilled.
- payment schedule as follows:
> terminated with cause or quit: $0
> terminated without cause, permanent layoff, constructive dismissal: $100,000 per year
> successful sale of business or 5 years (whichever comes first): $500,000
- payment is made fully separate and independent of any current or future compensation or severance package.
- payment may not be assigned, transferred, or used as collateral. No beneficiary designation permitted.

There are no provisions for repayment as far as I am aware. Keep in mind the funds will be held by the company until final disposition.
Ah ic. I guess it would have to be called a retention bonus. Makes sense that they are holding it in a separate account until a deal happens. If a deal doesn’t happen, what happens with the money?

In any event, no reason to switch jobs for the foreseeable future.

Edit: just read that if a sale doesn’t happen in 5 years you still get the money.

Great!! Start doing some tax planning to keep as much of that 500k as you can lol
Jr. Member
Dec 20, 2018
195 posts
119 upvotes
DirtPoor wrote:
Jan 3rd, 2019 6:47 am

$100,000 retention bonus is amazing, but after 3-5 years, you’re out of a job then?
And you can’t apply to another job before then because you are “locked in”?
Haz wrote:
Jan 3rd, 2019 10:02 am
He can apply, he just can't be available until the business winds down.
Doesn't sound like he's "losing" his job after 5 years. Sounds more like as condition of sale, the purchaser would want the human assets of the business (employee) included
Newbie
Jan 6, 2019
3 posts
4 upvotes
International student here. Knowing I have to try 3x harder than my peers, took some time in university trying out lots of things through co-ops, thank god I did.

2014: unpaid internship
2015: $200/month co-op in Asia
2016: $2,100/month co-op at a start-up
2017: $70,000 annual co-op at big 5 bank in Toronto
2018: graduated, starting full time job at big 5 bank for $100,000 base :)

Seems like a lot of people mentioned the $100,000 in Toronto as not a lot, but I mean staying away from a lavish life would definitely helps ...
Deal Fanatic
Dec 11, 2008
9030 posts
938 upvotes
iwillwaccu wrote:
Jan 7th, 2019 1:44 am
International student here. Knowing I have to try 3x harder than my peers, took some time in university trying out lots of things through co-ops, thank god I did.

2014: unpaid internship
2015: $200/month co-op in Asia
2016: $2,100/month co-op at a start-up
2017: $70,000 annual co-op at big 5 bank in Toronto
2018: graduated, starting full time job at big 5 bank for $100,000 base :)

Seems like a lot of people mentioned the $100,000 in Toronto as not a lot, but I mean staying away from a lavish life would definitely helps ...
I assume in order to start at $100,000 in a big bank means you are in a senior manager position?
Member
Jan 1, 2017
346 posts
206 upvotes
speedyforme wrote:
Jan 7th, 2019 7:39 am
I assume in order to start at $100,000 in a big bank means you are in a senior manager position?
It’s nearly impossible to start at a bank as a senior manager fresh out of undergrad and make $100k at a big 5.
Deal Fanatic
Dec 11, 2008
9030 posts
938 upvotes
ProductGuy wrote:
Jan 7th, 2019 8:14 am
It’s nearly impossible to start at a bank as a senior manager fresh out of undergrad and make $100k at a big 5.
Well unless that poster is lying, not sure what other postion he has to make $100k base at big 5 bank
Newbie
Jan 15, 2017
57 posts
53 upvotes
speedyforme wrote:
Jan 7th, 2019 9:21 am
Well unless that poster is lying, not sure what other postion he has to make $100k base at big 5 bank
An associate in wholesale banking would. But associate hires out of school usually come from a masters program.

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