UPDATED FOR 2011
Before using my surplus income calculator, you will need the following information:
- The number of people in our family;
- Your net income;
- Other net income from the family; and
- Your allowable expenses.
The number of people in your family
Your “family unit” includes, in addition to yourself, anyone who resides in the same household and who benefits from either the expenses you incur or the income you earn, or who contribute to your expenses or earnings.
A person who does not reside in your house is considered a member of your family unit if they benefit from or contribute to your income or expenses.
Your net income, or “take home pay”
Enter the amount you receive after all mandatory deductions, such as income tax, pension contributions and health care premiums.
other family unit members net income
Enter the take home pay of all other members of your family unit.
Allowable, or ”non-discretionary”, expenses
These expenses include child care costs; child support payments; spousal support payments; employment expenses permitted by the Income Tax Act; medical condition expenses; court imposed fines or penalties; and interest paid on debts that are not discharged (including student loans).
My surplus income calculator is for information purposes only, your actual payment, if any, will be calculated monthly based on your circumstances.