I totally agree with all of your points and the costs, benefits you mentioned should be covered.

At first, 47 seemed a lot because I'm originally from Turkey and I have been living in Canada since January 2008. We don't have any rate system in any business in Turkey but we have salary. However, the rate in Canada and the salary in Turkey are totally two different things, the numbers are ridiculous. That's because the conditions are different. That leads me to learn new habits to estimate my projects on hourly basis and get used to it.