Income Determination for Child and Spousal Support Purposes 1 Credit
Canadian Focused
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Did you know that some allowable deductions to a payor’s income under the Income Tax Act, RSC 1985 c. 1 (5th Supp.) can be added back and grossed up when determining a payor’s income for child support?
If you didn’t, you’re not alone.
It is a common misconception that the income as reported on a payor’s tax return is always the income that is used to calculate the amount of child and/or spousal support (aka alimony or maintenance) payable. Rather, there is a whole set of rules used by lawyers and the Courts across Canada, some of which do not align with the provisions of the Income Tax Act.
We review topics like capital gains, dividends, bonuses, allowances, RRSP withdrawals, and termination packages, the approach to income determination concerning corporate pre-tax income, and when income may be imputed.Â
Having a deeper understanding of what may be considered income and how much income may be treated in family law whether the payor is employed, self-employed, a partner, a beneficiary, or a shareholder, etc. can enhance the value of the services you provide as a financial professional.
This online CPD course will attempt to explain Income Determination for Child and Spousal Support Purposes in Canada.
Key Topics Covered:Â
| License details | Credits | Status |
|---|---|---|
| Taxes for CPA in Canada | 1 CPD | Eligible |
| Professional Development for Personal Financial Planner (PFP) | 1 CE | Eligible |
| Professional Development for Certified International Wealth Manager (CIWM) | 1 CE | Eligible |
| Professional Development for Designated Financial Services Advisor (DFSA) | 1 CE | Eligible |
| License details | Credits | Status |
|---|---|---|
| Taxes for CPA in Canada | 1 CPD | Eligible |
| Tax Planning for Certified Financial Planner (CFP-US) (Approval No. 321713) (Valid upto : Dec 31, 2024) | 1 CE | Approved |
| Professional Development for Personal Financial Planner (PFP) | 1 CE | Eligible |
| Professional Development for Certified International Wealth Manager (CIWM) | 1 CE | Eligible |
| Professional Development for Designated Financial Services Advisor (DFSA) | 1 CE | Eligible |
Credit
1
Course Level
Basic
Instructional Method
QAS Self Study
Group Internet Based
Pre-requisites
None
Advance Preparation
None
Elise Visco has practiced exclusively in the area of family law since her call to the Ontario Bar in 2017. Since 2019, she has practiced as an Associate with Jacqueline M. Mills, a top-ranked and award-winning family law lawyer in Toronto, Canada. Prior to joining Ms. Mills’ practice, Elise was an associate in the family law group at a mid-sized Toronto law firm.
Elise is passionate about her work and keen to share her knowledge and expertise. She has the privilege of being a recurrent speaker at continuing professional development programs for financial professionals since the beginning of her career.
Elise attended Osgoode Hall Law School where she completed the Osgoode Mediation Intensive specializing in family law. During law school, Elise assisted low-income clients with their family law matters through the Pro Bono Students Canada Family Law Project and spent a summer in Freetown, Sierra Leone working with the Defence for Children International.
Elise also has a Bachelor of Science with a minor in Italian from the University of Guelph. When she is not working, Elise enjoys reading and cycling, though never at the same time.
What is Self Study (QAS)?
Self Study QAS (Quality Assurance Service) is a NASBA and other regulatory bodies approved program designed for Professionals to complete their Continuing Professional Education credits through self-paced, interactive courses that meet the highest standards of quality and compliance. We are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
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To maintain compliance, you must follow the guidelines set by NASBA and other regulatory bodies, which include completing the course within the specified timeframe, passing the assessments, and keeping accurate records of your learning activities.
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After successfully completing a self-study course and passing the assessments, you can access and download your course completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
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A Live Webinar Group Internet-Based Credit is an interactive, real-time online seminar where professionals can earn Continuing Education credits by participating in live sessions led by experts in various fields. These sessions meet the standards set by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies.
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To earn credits, you must attend the entire live webinar, actively participate in any polls or questions, and complete any required evaluations or assessments. Credits are awarded based on your attendance and participation in the live session.
Are the live webinars approved by NASBA and other regulatory bodies?
Yes, all our live webinars are approved by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies, ensuring they meet the high standards for quality, interactivity, and educational content set by these organizations.
What are the requirements to maintain compliance with live webinar courses?
To maintain compliance, you must adhere to the guidelines set by NASBA and other regulatory bodies, which include attending the full duration of the webinar, participating in interactive elements, and completing any post-webinar evaluations or assessments.
How can I access my webinar completion certificates?
After successfully attending a live webinar and fulfilling all participation requirements, you can access and download your completion certificates from your account dashboard on our platform. These certificates are recognized by NASBA, IRS, CFP Board, HRCI, SHRM, Payroll Org, FP Canada, and 25+ other regulatory bodies for compliance and reporting purposes.
How are credits reported to governing bodies?
We issue instant credit certificates, ensuring they are valid for presentation to governing bodies. Typically, we report IRS, CTEC, CFP, IDFP, IWI, VBOA Ethics credits within 7 days – the fastest in the industry.
IP
I was simply curious about this material. The content was very interesting and the explanations in-depth. Highly recommend to anyone who want to understand the subject better.
AJ
Quite informative and covered a lot of content throughout the session. Polling questions were a good way to test the viewers knowledge also!
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