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[47] [48] By 2007, Low-Income Cut-Off (LICO) rates were often quoted by the media as a measure of poverty [49] even though Statistics Canada had stated that it was not a poverty measure. [50] As of 2011, 8.8% of Canadians were in a family whose income is below the after-tax low-income cut-off. [46]
Low Income Cut-Off After-Tax (LICO-AT) % of families below the income threshold who "will likely devote a large share of their income on necessities" 8.8% 10.1% [2] Market Basket Measure (MBM) % low income families; disposable income below the cost of basket of basic goods and services 10.5% [2] Ontario Housing Measure
The poverty threshold, poverty limit, poverty line, or breadline [1] is the minimum level of income deemed adequate in a particular country. [2] The poverty line is usually calculated by estimating the total cost of one year's worth of necessities for the average adult. [ 3 ]
SmartAsset examined cost data from MIT Living Wage to determine the incomes needed for various family types to support themselves.
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It also cut the OSAP budget from approximately $2 billion to $1.4 billion, making significant changes to the program including: changing eligibility requirements for the Ontario Student Grant to only be provided up to assessed need and reducing income cut-offs to about $140,000 of family income.
Guaranteed minimum income (GMI), also called minimum income (or mincome for short), is a social-welfare system that guarantees all citizens or families an income sufficient to live on, provided that certain eligibility conditions are met, typically: citizenship and that the person in question does not already receive a minimum level of income to live on.
President Joe Biden’s federal student loan relief program provides up to $10,000 in canceled debt to individual borrowers with annual incomes below $125,000 in 2020 or 2021, and households with ...