That forumla is right. So, the actual pay comes down to what the journeyman is paid, which differs from project to project. Probably about $18 to $30 an hour, depending if it is maintenance of office buildings [less pay] or construction of new facilities - oilpatch construction pays well, but so do oil facility "shutdowns" where the work needs to be done right and fast.
Actually, I was a "beginner" electrician in Alberta, but that was back in the 1985-90 era. In downtown Calgary office maintenance job, as a "Second Year" apprentice I was making only $7.50 an hour [44 hours a week]. Third Year - after passing the 7 week schooling [for each year] [with only UIC paid] got me up to about $9 an hour. Terrible - but it was bad for journeymen too, obviously, who were only paid about $14 an hour.
But it may all be different now - there was talk of abandoning the apprenticeship program altogether. I don't know if it happened yet.