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Poverty in Canada
Sample Calculations
For my sample calculations I found a job in London, Ontario working at Dollarama. Getting paid $12 per hour and working 40 hours a week my monthly income before all deductions would be $2080 per month. I would also pay $350 per month towards an average student debt of $37,000. Paying this much money per month i would pay out my student debt in a little over 8.5 years. Also, i have a transportation cost of $0 because my work is only 15 minutes away from my house, making it a very do-able walk each day.
Total monthly income before deductions: $2080
Employment Insurance (EI): -$39.10
Canada Pension Plan (CPP): -$102.96
Federal Tax: -$312.00
Provincial Tax: -$105.04
Transportation: $0
Food: -$244
House maintenance: -$75
Utilities: -$148.20
Internet + Cellphone + TV: -$54.90
Mortgage Payment: -$598.65
Student Debt: -$350
Total monthly income after deductions: $50.15
This small amount of money left over after deductions would allow for some “fallback” money, just in case an urgent problem came up. This money could also be used for leisure money or could be used to make small purchases when they are needed.
M = $119,900
Rm = 2.89 x 10^-3
t = 12 x 3 = 300
P = $598.65
Above are all of the calculations done to find the monthly mortgage cost for my home and to find the cost of all of my deductions (EI, CPP, Federal Tax, Provincial Tax).
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