Post secondary education exp
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Post secondary education is a s7 expense.
The current method being used is that the parents pay 2/3's the costs of post secondary expense proportional to income, AFTER bursaries, scholarships and other grants are deducted from the total. The child is expected to contribute to their own education, thus the 1/3 remaining.
So, assuming equal incomes of the parents, it works out something like this (numbers completely assumed):
Cost of College + residence = $10,000 per year
Bursary/Grant received by the child = $2,000
$10k-$2k= $8k
$8k/3 = $2,666.67 payable by each parent for the kids education
The current method being used is that the parents pay 2/3's the costs of post secondary expense proportional to income, AFTER bursaries, scholarships and other grants are deducted from the total. The child is expected to contribute to their own education, thus the 1/3 remaining.
So, assuming equal incomes of the parents, it works out something like this (numbers completely assumed):
Cost of College + residence = $10,000 per year
Bursary/Grant received by the child = $2,000
$10k-$2k= $8k
$8k/3 = $2,666.67 payable by each parent for the kids education
HammerDad:
Thank you so much for the detail calculation. Would you please explain that what about the child support that custodial parent receives? I think it will stop. However, child will be visiting custodial parent over holiday, and some weekend. So, then how it will work?
Thanks
Thank you so much for the detail calculation. Would you please explain that what about the child support that custodial parent receives? I think it will stop. However, child will be visiting custodial parent over holiday, and some weekend. So, then how it will work?
Thanks
C/S does not stop.
What happens depends on the parents. Some parents agree that the payor reduces the amount of c/s paid for the duration the child is in school as the expenses of the recipient are decreased (less money needed for food, hydro, heating, water etc). Some agree that if there is a decrease, the difference would be redirected to the child (so recipient takes 40% and the kid takes 60%).
But c/s does not "stop". So long as the child continues to list their residential address as the recipients house (and the child remains in full time school), c/s is still supposed to be paid.
I have read caes where judges will reduce c/s by deducting the "cost of living" portion from c/s, the parents have paid that with the purchase of a food card and residence etc. But I don't think I have read a case where c/s was fully reduced, as it is felt that the parent the child lives with still have to maintain the childs room.
T4 at year end
T4 at year end
Hi:
I have read that both parents have right to ask for all T4 from each other as a part of income disclosures. Am I correct? Because my ex ignore my requests when I asked him. We are trying to resolve issues ourselves without lawyer. I am sure form 15 does require complete disclosure.
Thanks
T4 at year end
Hi:
I have read that both parents have right to ask for all T4 from each other as a part of income disclosures. Am I correct? Because my ex ignore my requests when I asked him. We are trying to resolve issues ourselves without lawyer. I am sure form 15 does require complete disclosure.
Thanks
This seems to be one area where people try to "pull a fast one". Case in point....mediator told us to both show up with our pension contributions to the proposed date of separation, I showed up with mine and stbx said she hasn't got it at next meeting
Now I know that she cashed out some over xmas hence the reason for saying she ain't got it. Now if you are going to pull a stunt like that, then have the decency to not leave the paper trail lying around
When she was called out on it, she admitted yesterday that she indeed cashed out some.
Now I know that she cashed out some over xmas hence the reason for saying she ain't got it. Now if you are going to pull a stunt like that, then have the decency to not leave the paper trail lying around
When she was called out on it, she admitted yesterday that she indeed cashed out some.
My ex drive me crazy by using the terms that willing to do/ pay by legal and by law. when time come , he ignores my request until I got lawyer involved to have income disclosure and to increase CS. Then disclosure came in pieces incomplete with statement " willing to send you whatever you require" but was never complete document (he knew it is costing me every time my lawyer sent him a letter). I want to resolve without lawyer but I doubted it will happen.
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