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  • Child Support

    Not sure if these have been answered or not but;

    Child Support is based on your yearly income - including overtime? If my paystub shows I make $50000/year but my T4 says I had a good year of OT and states I made $56000 last year is my child support now going to be based on $56000 and not my actual income of $50k? even though I'm not gauranteed to get $6k of overtime again?

    And another questions about income, the annual review for Child Support adjustments are say in May - if I get my annual raise in December should I be increasing my Child Support before May?

    And finally - extra expenses (in our draft) is in proportion of incomes - does she count the child support, child tax and gst into her income - which would actually put her making more $ then I do - but if not, then I make more and have to pay more. (the questions above will also relate to extra expenses)

    Thanks

  • #2
    Cats v lion

    You could have tabled child support calculated by

    taking last 3 years income tax returns/assessments line 150

    add the 3 together and divide by 3 to determine an average income for child support purposes and cross reference against tables

    line 150 year 1 = x dollars
    line 150 year 2 = x dollars
    line 150 year 3 = x dollars
    _______________________

    = X dollars ÷ 3 to determine average amount and cross reference against applicable table

    or you could just take 2005 itax/assessment line 150 amount and cross reference.

    Generally as a rule of thumb if ones income fluctuates year to year they take the last 3 year's method.

    I would keep the annually review in may or June or wait till you have Itax completed with final assessment in hand.

    I believe she would include those amounts into her income for section 7 expenses. Generally these extra expenses are proportional to the income. If she is making more money than you , she may be expected to contribute more to these expenses as an example , 60/40, 70/30

    If these expenses are for such things as daycare, remember to get a receipt for your share of the proportional day care expense.

    Comment


    • #3
      Thanks for those calculations!
      Really shows one needs an accountant for these nitty gritty details for fear of making an error..

      Comment

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