Why Minimum Wage is Slavery! (Canada)

Before I start with my opinion on Minimum wage, please note: I am speaking mainly about Canadian regulations. Whether this applies to other countries, or not please be aware. First lets explain some back-story. Ontario has agreed to raise the minimum wage to $14/hr as of January 1st, 2018. Then $15/hr the following January.

These are the reasons I believe it won't change anything!

Point #1: Minimum wage goes up, So does Prices

Its natural that bigger companies like McDonalds and Tim Hortons have tons of money to spare. They could easily pay their employees twice the wage and have very few to no financial issues. Small companies on the other hand will have issues paying wages at 14 or 15 dollars an hour. So naturally because of the law, they will raise the prices of their goods, to keep up with the price of their labour. Raising Minimum wage will cause goods to go up with it and everyone will be in the exact same spot as before.

Point #2 Taxes!

Pushing the minimum wage up will cause more tax to be payed at the end of the year. Sadly taxes will go up in number but so will prices. The price of living is on average $900 a month in Canada, but that is living at the lowest level. Sadly as we have seen before, wages and inflation never are on the same level. We will fall into a bigger deficit than before the pay raise with the inflation rate. For ex: (all tax rates are just examples, and are ignoring taxes on all paychecks) say $11/hr or $22880 a year Tax is for example 10% on first $10000, then 15% on $10001-$25000, then 20% and so on. Tax in first bracket is $1000. Then 22880-10001= $12879. 12879*15%= $1931.85.

$1000+$1931.85=$2931.85
$22880-$2931.85=19948.15
Now minus the cost of rent!
19948.15-(90012)=9148.15
Now cost of food!(Roughly 250 a month)
9148.15-(25012)= 6148.15
That is if you buy basics for a person and nothing else!
Roughly $6150 is left from a year’s salary, if you have not bought anything that is not essential.
Yeah last time I checked, there is not that many people that work to live and save $6000 a year!
Does it seem fair to anyone if you say it this way. You work 80hrs every 2 weeks and can only afford $6000 on what you want in a year. Not really after all the work a person puts in!

Now let’s assume you make $15/hr That is $31200 a year. Now basic living will go up for everything. Let's make it proportional and say 37% increase just like payrate.
The first 10000=1000 owed
149990.15=2250
31200-25000=62000.2=1240
So here’s what's left: 31200-1000-2250-1240=26710
90012=108001.37(inflation)=14796
25012=30001.37=4110
Now bills to live: 26710-14796-4110=$7804 left
Now assuming all goods went up only 37% (they usually go higher)
$6000 to $7804 is not a even growth of 37% we only got a raise of 30% in spending money, but things are 37% more expensive!
We lost 7% of our spending money in proportion to the lower minimum wage.
So $15 mandatory is worse then $11 an hour.

Point #3 Employees who make more than minimum wage expect same growth!

While this does seem fair to us, businesses can’t always afford to pay an employee who's making $15 now, $19 later. It may cause an employee to lose a job or accept that by luck, all employees now make what took them 5 years to get to.

These are some of the basic problems with the minimum wage raise.

If there is any other aspects I should learn, Please comment down below.
Don't forget to upvote the post if you agree.