Question: My take home income is $2960. I receive Child Tax Credit of $273 and Child Universal Support of $100. So total of $3300. Can I put the $373 as income to my spouse and my income is only $2960; or they will consider the entire income of $3300. Please help Thanks.
Answer: The calculation of surplus income payments in bankruptcy are somewhat complicated. The calculation is based on your family income, even if your spouse is not bankrupt. However, you only pay your percentage of the payment.
For example, if your family would be required to pay $100 if both of you were bankrupt, and your income is 75% of the family total, you would be required to pay $75 if only you were bankrupt.
As to whether or not the Child Tax Credit and Universal payment are your income or not, that is a question you should ask your trustee, since each trustee may handle that differently. In most cases the difference in payment is relatively small, so it may not be an issue.
Answer: The calculation of surplus income payments in bankruptcy are somewhat complicated. The calculation is based on your family income, even if your spouse is not bankrupt. However, you only pay your percentage of the payment.
For example, if your family would be required to pay $100 if both of you were bankrupt, and your income is 75% of the family total, you would be required to pay $75 if only you were bankrupt.
As to whether or not the Child Tax Credit and Universal payment are your income or not, that is a question you should ask your trustee, since each trustee may handle that differently. In most cases the difference in payment is relatively small, so it may not be an issue.
Labels: bankruptcy Ontario, surplus income
posted by Questions @ 9:36 PM
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