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Income and Disposable Income Income will mean cash income before taxes, and will include government transfer payments such as unemployment insurance benefits, family allowance payments, pensions, welfare assistance, etc. Disposable income specifically focuses on the amount of income available for private consumption and spending. Disposable income takes into consideration the reality that "take-home pay" is heavily influenced by not only gross income, but also by factors such as government transfer levels, taxation levels, and inflation. Disposable Income is defined in two ways: * Income after federal and provincial income taxes * Income after taxes, employment insurance and Canada Pension Plan Discretionary Income is Disposable Income after deductions for basic necessities such as food, clothing, shelter, transportation, healthcare, personal care, etc. Life-Cycle State - people change the goods and services they buy over their lifetimes. Buying is also shaped by the stage of the family life cycle-the stages through...

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