Surplus Income Calculation For A Family Of 5

2009-06-13

The amount allowed for basic living expenses for a household of 5 is currently $3,941.  So, that amount is deducted from the household income and the amount you would be expected to pay based on your income would be a percentage of what's left over. If you'd like to have a look at the Government Directive that sets out the amounts and the calculation, here is the link: Surplus Income Directive If you have any questions about the calculation, feel free to get in touch with me. Judy Scott Meyers Norris Penny Limited [email protected]

Latest Blog Posts

2025-04-25

Understanding debt collection in Canada: Protecting your financial health

Olivier Boyd

Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future. 

Read More

2025-04-25

Top five mistakes to avoid when considering filing for bankruptcy

Bankruptcy

Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future. 

Read More

2025-04-24

How to rebuild your credit after a Consumer Proposal

Tina Powell

Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.

Read More

Consultation icon