Debt Calculator

Unsecured debt includes any debt where the lender does not have a lien on your house, vehicle, furniture or other property that you own. Typical unsecured debts include: credit cards, income tax, student loans, bank overdrafts and lines of credit.

Please do not include secured debt in this figure. Secured debts typically include: a mortgage, auto loan, or vehicle lease.

Please include the total monthly amount you receive on your pay cheque, EI cheque and/or other income. This should be the total amount after taxes and other deductions have been removed from your cheque. If you receive two cheques a month, please include the total of both cheques.

If you’re self-employed, this should be the amount you have left over after you have paid your income taxes, CPP and any other business expenses.

Please include the total monthly amount your spouse receives on their paycheque, EI cheque and/or other income. This should be the total amount after taxes and other deductions have been removed from their cheque. If your spouse receives two cheques a month, please include the total of both cheques.

If your spouse is self-employed, this should be the amount he/she has left over after they have paid income taxes, CPP and any other business expenses.

Please include your regular expenses such as:
– Medical expenses for an existing condition (blood pressure medication, insulin, etc.)
– Child and/or spousal support payments
– Daycare costs
– Required employment expenses. These are expenses you would include on a Form T2200 (vehicle costs, if you are required to provide your own vehicle to visit clients, etc.)

Please include people who live with you and are dependent on your income for some, or all, of their living expenses (or whose income you rely on for some, or all, of your living expenses). Please also include yourself. Typically, your spouse and children are considered members of your household, while roommates who share expenses are not.