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.
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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.
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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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