Just over 42 per cent of Canada's young people aged 20 to 29 lived at home with their parents, according to the latest census data. Can these members of Generation Y afford to move out on their own? This calculator lets you know.
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The chart below shows how your paycheque is divided each month. Each green circle represents 1 per cent of your income. Enter your yearly income and monthly expenses to see how it's divided.
Read more:
- Gen Y's lack of financial independence striking
- Six surprising charts that show Generation Y is not like your generation
Yearly income before tax
Your province for income tax rate
The rent you'll pay
Per month. Your rent should be less than 30 per cent of your income.
Debt repayment
Per month. Consider student loans, credit cards and any other debt.
Savings
Per month. It's recommended you save at least 10 per cent of your pay before taxes.
Please enter your yearly income.
100% of your income
Each green circle below represents
one per cent of your income
Each green circle below represents
one per cent of your income
Where does your money go?
Left over income per month
Approx. income tax per month
Rent per month
Debt repayment per month
Savings per month