family income

March 2nd, 2010 by Questions

I have 3 kids (2 adults and one minor) living with us.
If I go for a consumer proposal, will they be factor in as dependants and qualify for the total income table. My daughter currently has a part time job. Will her income need to be be included in our financial statement.

Thank you for your help.

Posted from: Ontario

Questions

One Response to “family income”



March 03, 2010 at 7:31 am, A licensed trustee said:

Technically, household income includes any/all income from persons residing in the household. If you want to claim adult children as dependents (and there is nothing wrong with that) you need to include their income in your disclosure to the trustee. If they are students then they aren’t expected to contribute much ti the household, but if they are not in school the expectation is (if they are working) they’ll help out.

The reasoning goes something like this – likely they benefited from some of the debt that was accumulated and therefore their income is factored in. I guess the way to avoid this is to tell them you can’t afford to keep housing and feeding them – you’ve got serious financial problems that need to sorted out.

Go and speak to a trustee – they’ll help you sort all of this out.

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