Would You Please Explain Net Income

 "Net Income" refers to the income that you receive after deduction of:  income taxes, CPP premiums, EI premiums, mandatory pension contributions, union dues, and other similar "non-discretionary" deductions.  If you're self-employed, you deduct your business expenses as well in order to determine what your net income is. When the trustee calculates your required payment in a bankruptcy, he or she must also deduct: any required child or spousal support payments you make,child care expenses,certain medical expenses,payments you're making on certain court-imposed fines or penalties,expenses that you must pay as a condition of your employment (e.g., if you have to provide a vehicle for work,your vehicle operating expenses can be deducted). You must provide proof of payment for these expenses in order to qualify for the deduction. Judy Scott - Meyers Norris Penny Limited Vancouver - Port Moody - Abbotsford 604-949-2100  - 866-568-1335 [email protected]