Student Income Calculator

Enter information into the yellow colored fields only:

Pesos: 1 USD =

Pesos: 1 CAD =

Step 1 Identify who will be applying and going to Canada and Monthly Expenses

APPROXIMATE MONTHLY EXPENSES (per province)
	Spouse	No. of Student	Kids
Province
Accommodation
Food
Clothing
Entertainment
Health Insurance
Transportation
Phone bill
Internet
Utilities
Miscellaneous
PH Remittance

TOTAL

AVERAGE TUITION IN CANADA	for reference only

Step 2 LOAN PAYMENT in CANADIAN DOLLAR (CAD) if any

Loan - First Year
Loan - Second Year
Loan - Third Year
Loan - Fourth Year
Loan - Fifth Year

LOAN PRE-PAYMENT EVERY END OF THE YEAR in CANADIAN
DOLLAR (CAD)

Year 1
Year 2
Year 3
Year 4
Year 5

Step 3 Define Assumptions and Overtime

ASSUMPTIONS			REMARKS
Province of Canada			Monthly expense budget depends on where in Canada.
Minimum Wage/Hour CAD			Minimum wage depends on which province in Canada.
Annual Tax Rate			Tax rate depends on which province in Canada.
Working hours/week Part Time			20 hours/week worked is the maximum legal amount during school semester.
Working hours/week Full Time			40 hours/week worked is the maximum legal amount without overtime pay.
Years of study program			Enter maximum 2 years (1 year for certificate, 2 years for degree)
Years of post grad work permit			Enter maximum 3 years (1 year study get 1 year post grad work permit, 2 years study get 2-3 years post grad work permit)
First Year Tuition			Tuition fee depends on what school and what course
Second Year Tuition			Tuition fee depends on what school and what course
Settlement Fund

OVERTIME	1st to 2nd year	3rd to 5th year (student only)
STUDENT			Enter number of hours overtime in 1 year (52 weeks) , 17.33 weeks only on 1st to 3rd year
SPOUSE			Enter number of hours overtime in 1 year (52 weeks)

Step 3.A Calculate your potential income in Canada (automatic calculation based on assumptions)

POTENTIAL INCOME EARNED IN CANADA (DURING STUDY PROGRAM - 1st to 3rd YEAR)
A	Part 1: Student		CAD	PHP
	Income during school semester (8 months per year)	per week
		per year
	sub total per year
B
	Income during school breaks (4 months per year)	per week
		per year
		overtime
	sub total per year
C	Total A + B combined	total per year
		total after tax
D	Part 2: Spouse 1(if applicable)
	Income all year round (12 months)	per week
		per year
		overtime
	total per year
	total after tax
E	Part 1 + 2 Combined
		total per year
		total after tax

POTENTIAL INCOME EARNED IN CANADA (POST GRADUATE WORK PROGRAM - 1-2 YEARS
Graduated Student and Spouse can both work full time
A	Part 1: Graduated Student		CAD	PHP
	Income all year round (12 months)	per week
		per year
		overtime
	total per year
	total after tax
B	Part 2: Spouse (if applicable)		CAD	PHP
	Income all year round (12 months)	per week
		per year
		overtime
	total per year
	total after tax
C	Part 1 + 2 Combined
		total per year
		total after tax

Step 4 Calculate your annual income, costs, and total savings in Canada (automatic calculation)

		PHP	CAD	Remarks
YEAR 1	Annual Income			1st year income
	First Year Tuition			tuition
	1st year living expenses			Settlement Fund
	Annual living expenses			Monthly living expenses x 12 months
	PH Remittance			Monthly remittance to the Phils x 12months
	Annual loan pay back			Monthly loan payments x 12 months
	Loan Pre-Payment			Annual Loan Prepayment
	Balance after 1st year costs			Money in the bank after Year 1

YEAR 2	Annual Income			2nd year income
	Second Year Tuition			tuition
	Annual living expenses			Monthly living expenses x 12 months
	PH Remittance			Monthly remittance to the Phils x 12months
	Annual loan pay back			Monthly loan payments x 12 months
	Loan Pre-Payment			Annual Loan Prepayment
	Balance after 2nd year costs			Money in the bank after Year 2

YEAR 3	Annual Income			3rd year income
	Annual living expenses			Monthly living expenses x 12 months
	PH Remittance			Monthly remittance to the Phils x 12months
	Annual loan pay back			Monthly loan payments x 12 months
	Loan Pre-Payment			Annual Loan Prepayment
	Balance after 3rd year costs			Money in the bank after Year 3

YEAR 4	Annual Income			4th year income
	Annual living expenses			Monthly living expenses x 12 months
	PH Remittance			Monthly remittance to the Phils x 12months
	Annual loan pay back			Monthly loan payments x 12 months
	Loan Pre-Payment			Annual Loan Prepayment
	Balance after 4th year costs			Money in the bank after Year 4

YEAR 5	Annual Income			5th year income
	Annual living expenses			Monthly living expenses x 12 months
	PH Remittance			Monthly remittance to the Phils x 12months
	Annual loan pay back			Monthly loan payments x 12 months
	Loan Pre-Payment			Annual Loan Prepayment
	Balance after 5th year costs			Money in the bank after Year 5

STUDENT INCOME ILLUSTRATION RECAP

YEAR 1	Expenses - Annual			Income - Annual
			No. of Applicants
	Living Expenses	Student
	Tuition Fee - 1st year	Spouse
	Loan Payment
	PH Remittance
	Loan Pre-Payment
Total
			SAVINGS

YEAR 2	Expenses - Annual			Income - Annual
			No. of Applicants
	Living Expenses	Student
	Tuition Fee - 2nd year	Spouse
	Loan Payment
	PH Remittance
	Loan Pre-Payment
Total
			SAVINGS

YEAR 3	Expenses - Annual			Income - Annual
			No. of Applicants
	Living Expenses	Student
	Loan Payment	Spouse
	PH Remittance
	Loan Pre-Payment
Total
			SAVINGS

YEAR 4	Expenses - Annual			Income - Annual
			No. of Applicants
	Living Expenses	Student
	Loan Payment	Spouse
	PH Remittance
	Loan Pre-Payment
Total
			SAVINGS

YEAR 5	Expenses - Annual			Income - Annual
			No. of Applicants
	Living Expenses	Student
	Loan Payment	Spouse
	PH Remittance
	Loan Pre-Payment
Total
			SAVINGS

SAVINGS IN 5 YEARS:

AVERAGE MONTHLY
INCOME IN 5 YEARS:

AVERAGE MONTHLY
NET INCOME
IN 5 YEARS:

MONTHLY EXPENSES BREAKDOWN
In Peso
Province
Accommodation
Food
Clothing
Entertainment
Health Ins.
Transportation
Phone bill
Internet
Utilities
Miscellaneous
PH Remittance
===========================================
TOTAL

Disclaimer:

Figures shown are for illustration purposes only. Calculations are subject to change due to courses taken at college, number of hours worked, cost of monthly living expenses, change in minimum wage, loan repayments and whether or not the student plans on remitting money back to the Philippines monthly.
In the below illustration, it shows number of overtime made per week:
	Number of hours
Student (3rd to 5th year)
Spouse (1st to 5th year)