How are child support payments calculated?
Allan Madan, CA
Both parents, if they will have shared custody, will share the costs of child support. This includes childcare, education, medical/dental, healthcare, and any other general expenses as well. The amount of Child Support is determined by each parent’s Income on the T1 (Personal Tax Return). This amount can simply be looked up on the followingFederal Child Support Tables.
A net amount (amount by which one spouse’s child support exceeds the other’s) is paid to the lower income spouse.
Disclaimer
The information provided on this page is intended to provide general information. The information does not take into account your personal situation and is not intended to be used without consultation from accounting and financial professionals. Allan Madan and Madan Chartered Accountant will not be held liable for any problems that arise from the usage of the information provided on this page.
ABOUT THE AUTHOR
ALLAN MADAN
CA.CPA.CGA
Allan Madan is a CPA, CA and the founder of Madan Chartered Accountant Professional Corporation. Allan provides valuable tax planning, accounting and income tax preparation services in the Greater Toronto Area.
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