Hi again.
I'm back for some help. Thanks again for your help in the past.
My new issue is calculating annual income for Child support. I've been calculating my income based on the below website and worksheet. My income is comprised of employment income, investment income and capital gains. Also, I have interest charges/carrying charges for borrowed money to invest. This information is reported in my tax return, I have deductions (line 8 and line 10) and additions (Line 14).
My question is:
Am I correct in using the gov't website/worksheet in calculating my income child support purposes? My ex's lawyer is using my total income (line 150) without any of the deductions or additions, which is not complete in accordance to the website.
https://www.justice.gc.ca/eng/rp-pr/.../w1-f1.html#s1
Worksheet 1: Calculate your annual income
Total income before adjustments
Line 1 Total income (line 150)
Adjustments to total income (use annual amounts)
Deductions
Line 2 Taxable child support received
Line 3 Spousal support received from the other parent
Line 4 Universal Child Care Benefit (UCCB)
Line 5 Split-pension amount
Line 6 Employment expenses
Line 7 Social assistance received for other members of the household
Line 8 Excess portion of dividends from taxable Canadian corporations
Line 9 Actual business investment losses
Line 10 Carrying charges
Line 11 Prior-period earningsNA
Line 12 Partnership or sole proprietorship income
Line 13 Total deductions from income (add lines 2 through 12)
Additions
Line 14 Capital gains and capital losses
Line 15 Net self-employment income
Line 16 Capital cost allowance for property
Line 17 Employee stock options with a Canadian-controlled private corporation
Line 18 Total additions to income (add lines 14 to 17)
Annual income for child support purposes
Line 19 Annual income for child support purposes (line 1 minus line 13 plus line 18)
I'm back for some help. Thanks again for your help in the past.
My new issue is calculating annual income for Child support. I've been calculating my income based on the below website and worksheet. My income is comprised of employment income, investment income and capital gains. Also, I have interest charges/carrying charges for borrowed money to invest. This information is reported in my tax return, I have deductions (line 8 and line 10) and additions (Line 14).
My question is:
Am I correct in using the gov't website/worksheet in calculating my income child support purposes? My ex's lawyer is using my total income (line 150) without any of the deductions or additions, which is not complete in accordance to the website.
https://www.justice.gc.ca/eng/rp-pr/.../w1-f1.html#s1
Worksheet 1: Calculate your annual income
Total income before adjustments
Line 1 Total income (line 150)
Adjustments to total income (use annual amounts)
Deductions
Line 2 Taxable child support received
Line 3 Spousal support received from the other parent
Line 4 Universal Child Care Benefit (UCCB)
Line 5 Split-pension amount
Line 6 Employment expenses
Line 7 Social assistance received for other members of the household
Line 8 Excess portion of dividends from taxable Canadian corporations
Line 9 Actual business investment losses
Line 10 Carrying charges
Line 11 Prior-period earningsNA
Line 12 Partnership or sole proprietorship income
Line 13 Total deductions from income (add lines 2 through 12)
Additions
Line 14 Capital gains and capital losses
Line 15 Net self-employment income
Line 16 Capital cost allowance for property
Line 17 Employee stock options with a Canadian-controlled private corporation
Line 18 Total additions to income (add lines 14 to 17)
Annual income for child support purposes
Line 19 Annual income for child support purposes (line 1 minus line 13 plus line 18)
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