Daily Lost Investment: Every day that GLBI is not in action Canada is losing $525,983,561.60 in poverty reduction.
What Formula does GLBI.CA Use Officially?
-
Joseph
- Site Admin
- Posts: 143
- Joined: Fri Apr 01, 2022 1:42 pm
- Feelings on BI: I founded GLBI.CA So YES!
- Contact:
What Formula does GLBI.CA Use Officially?
There is a lot of contention when it comes to GLBI and what formula it should use. For the purposes of this website, we ask that you refer to this formula as it has been used the most or is currently seeking legislation related to it.
Qualifications & Exclusions to Start
An additional $6,000 per year or $500 per month benefit, that is NOT Mean Tested as long as the Individual or Household remains below the Taxable Income limit.
Rates
2022 Federal Estimated Individual Rate: $19,043
2022 Federal Estimated Household Rate: $26,931
Scenario Differences
Scenario 1
Means Testing Rate: 50%
Individual Income Limit: $ 38,086 (based on 50% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 53,862
Scenario 2
Means Testing Rate: 25%
Individual Income Limit: $ 76,172 (based on 25% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 107,724
Scenario 3
Means Testing Rate: 15%
Individual Income Limit: $ 126,954 (based on 15% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 179,540
Images can be found here viewtopic.php?p=18#p18
How is the Low Income Measure (LIM) Calculated and how does it change Basic Income?
For the PBO Analysis, they used the option of calculating the Low Income Measure through the SPSD/M system by Statistics Canada. First they calculate what is called the "equivalent household disposable income" for each household and assign it to all household members. They consider the disposable incomes before adding up the GLBI. Then they consider the "median" income for that region, which is where 50% of people earn less, and 50% of people earn more. The GLBI has a maximum benefit of 75% of that Low Income Measure.
So for example, Alberta has a higher Cost of Living than say Manitoba. So when they consider the poverty line, it will be half of what people make on average, then 75% of that poverty line for that household. Basically, when the average Canadian earns more, the poverty line goes up, which in turn raises GLBI.
Qualifications & Exclusions to Start
- Must be 17 to 64 years of age
Must not be incarcerated or held in a federal or provincial institution
Must apply for EI & CPP benefits when applicable
Must reside in Canada for at least 6 months of the year
Must have a Taxable Income of less than the scenario's income limit
An additional $6,000 per year or $500 per month benefit, that is NOT Mean Tested as long as the Individual or Household remains below the Taxable Income limit.
Rates
2022 Federal Estimated Individual Rate: $19,043
2022 Federal Estimated Household Rate: $26,931
Scenario Differences
Scenario 1
Means Testing Rate: 50%
Individual Income Limit: $ 38,086 (based on 50% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 53,862
Scenario 2
Means Testing Rate: 25%
Individual Income Limit: $ 76,172 (based on 25% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 107,724
Scenario 3
Means Testing Rate: 15%
Individual Income Limit: $ 126,954 (based on 15% phase out on 2022 (75%) poverty level stats)
Household Income Limit: $ 179,540
Images can be found here viewtopic.php?p=18#p18How is the Low Income Measure (LIM) Calculated and how does it change Basic Income?
For the PBO Analysis, they used the option of calculating the Low Income Measure through the SPSD/M system by Statistics Canada. First they calculate what is called the "equivalent household disposable income" for each household and assign it to all household members. They consider the disposable incomes before adding up the GLBI. Then they consider the "median" income for that region, which is where 50% of people earn less, and 50% of people earn more. The GLBI has a maximum benefit of 75% of that Low Income Measure.
So for example, Alberta has a higher Cost of Living than say Manitoba. So when they consider the poverty line, it will be half of what people make on average, then 75% of that poverty line for that household. Basically, when the average Canadian earns more, the poverty line goes up, which in turn raises GLBI.
