Guess I'm part of the brain drain. As a 30 yr old professional, born & raised in Toronto, I moved to LA for work (multinational corp) 2.5 years ago. From my experience so far, I'll find it hard to return back as the advantages far outweigh the cons. My income tax rate is about the same (yay california!)...however the dollar definitely goes a lot further down here. Retail taxes are lower, clothing and other wants are cheaper, eating out is cheaper on average, gas is cheaper, and so on and so forth. Rental prices are comparable though (if you stay on the highly desirable westside of LA...in comparison to downtown TO). The biggest factor though is there just is a LOT more capital flowing through here, and that makes a HUGE difference if your above average and really want to make a good living for yourself. Plus business risk taking is part of the US culture, whereas it feels like our Canadian clients are penny pinching grandmas. Oh and winters in a tshirt. Enough said.
I think Toronto still has quite the growing up to do - definitely excited to see where it is 15-20 years from now.