Not exact matches
For example, if your weekly income
after deductions are taken out is $ 300, your employer would be required to calculate the amount due under the two formulas: (1)($ 300 — 217.50 = $ 82.50) or (2)(25 % of $ 300 = $ 75) and pay the
creditor the smaller amount.
A «presumption of abuse» will arise if: (1) the debtor has at least $ 182.50 in current monthly income available
after the allowed
deductions (this equals $ 10,950 over five years) regardless of the amount of debt, or (2) the debtor has at least $ 109.59 of such income ($ 6,575 over five years) and this sum would be enough to pay general unsecured
creditors more than 25 % over five years.
Under the Ontario Wages Act, a judgement
creditor (like a bank or credit card company) can garnishee up to 20 % of your net wages (
after statutory
deductions for taxes, CPP, and Employment Insurance).