TikTok Finance says Torontonians need at least $120,000 a year to live comfortably, but how realistic is that?

One TikToker suggested that Torontonians would need to earn $120,000 a year, or a couple would need to earn $20,000 a month to live comfortably in the city.

Jim Chuong, better known on social media as “The Lazy Canadian Investor,” revealed these numbers in a recent video posted on Instagram.

In the video, Chuong breaks down the cost of living for a hypothetical married couple in Toronto with two people earning $120,000 a year, claiming that after taxes the monthly salary for one person would be about $7,162, or a combined income of more than $14,000 a month.

Chuong frequently publishes free investor guides and claims to have turned a small amount of money into a multi-million dollar retirement.

“I tell the truth about money, the education system, corporate jobs, and what it really takes to live a rich, relaxing life,” says his X bio.

In the video, Chuong defines comfort as “not living paycheck to paycheck” and being able to pay for food, shelter, transportation and clothing.

It allocates funds for transportation, day care and other necessities, including rent or mortgage payments, which it sets at $4,000 and $5,000, respectively, as well as $4,000 a month in pension contributions.

Now Toronto has reached out to Jim Chuong for comment, but did not receive a comment at the time of publication.

But Chuong's financial statements are out of reach for most Torontonians.

According to the latest City of Toronto figures, the average hourly wage in Toronto is $37.12, higher than the region's minimum living wage, which currently stands at $25.05 an hour, according to the Ontario Living Wage Network (OLWN).

However, average hourly wages in Toronto still fall short of Chuong's salary comfort baseline. A person making $37.12 an hour for 40 hours a week would earn just over $5,900 a month before taxes.

One Toronto worker who makes minimum wage and tips as a restaurant server told Now Toronto that her comfortable lifestyle means “having an apartment where I feel safe and not having to worry about how much money I can spend on food.”

“Ever since I moved in, it's been a luxury for me to buy groceries,” she said.

Another Toronto woman said she thinks $60,000 or more is enough for a single person to live comfortably in the city, and that the minimum wage should be at least a living wage.

“(People) should have a guaranteed amount of money for food, rent and any expenses … due to inflation, especially food, and that's something we all have to achieve as people,” he concluded.

READ MORE: Living wage in GTA now over $25 an hour: report

According to OLWN, the living wage is the hourly wage that a worker must earn to cover their basic expenses and be an active member of society.

OLWN says the living wage includes enough for food, clothing, shelter, childcare, transportation, medical expenses, vacations, and basic recreation.

It doesn't include retirement savings, paying off debt, owning a home, saving for children's education, or anything other than the tiniest cushion for emergencies or hard times.

In contrast, the minimum wage is the legal minimum that all employers must pay and is set by the provincial government.

Ontario's minimum wage is $16.55 an hour and will increase to $17.20 on October 1.