2008-12-02
"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]
2025-04-25
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.
2025-04-25
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.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
