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Is my total income taken into account when calculating my contribution?
No. Only the portion of income you have earned between January 1 and December 31 of
the calendar year ending during the current award year is taken into account when
calculating your contribution. The remaining portion of your income should enable you to
provide for your needs in the months during which no expenses are allowed.
How is my contribution calculated?
A calculation method similar to the one used by the government for income tax returns is
used to calculate your contribution. First, the exemptions to which you are entitled are
deducted from your employment income. Then, 50% of the amount obtained (or 40% if
you were not a beneficiary of the Loans and Bursaries Program the previous year) is
further reduced by subtracting the contribution reductions to which you are entitled.
Finally, 100% of your other income and 100% of your bursary income in excess of
$5 000 are added to this last result.
Your contribution is calculated as follows:
• if you were a beneficiary of the Loans and Bursaries Program the previous year:
(your employment income – your exemptions) X 50% – your reductions +
100% of your other income + 100% of your bursary income in excess of $5 000 =
your contribution
• if you were not a beneficiary of the Loans and Bursaries Program the previous
year:
(your employment income – your exemptions) X 40% – your reductions +
100% of your other income + 100% of your bursary income in excess of $5 000 =
your contribution
How your contribution is calculated
(your employment income – your exemptions)
X 50% (or 40% if you were not a beneficiary of the Program the previous year)
– your contribution reductions
+ 100% of your other income
+ 100% of your bursary income in excess of $5 000
Note: If the result obtained from the calculation of your contribution is under zero, a specific
amount is added to the allowable expenses.
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发表于 2006-7-7 16:56
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