Types of Income which can be included for Child Support purposes
Types of Income which can be included for Child Support purposes:
- Employment income;
- Employment bonus: bonuses you get every year and the amount is similar or comparable over the years;
- RRSPs can be included if you cash some out every year. But if it’s just a one off withdrawal, they probably won’t be included in income for BC child support purposes;
- Rental Income: can be included but remember to deduct all your expenses from your gross rental income; The net rental income will be included;
- Dividends: if you get paid in dividends instead of wages, your dividends will be your income and sometimes “grossed up” because you pay less taxes on dividends than you do on wage income;
- Corporate income: will be added to your wages if the corporation is yours or you are a shareholder of a corporation; The retained earnings may be included or excluded and some of corporate expenses are legitimate and some get added back to corporate income if they are not legitimate for child support income purposes.
Please note that the above is for informational purposes only and is not intended to provide you with legal advice.