- Child support is paid on a monthly basis by one parent to another to assist with the care of a child or children. Child support is usually paid as a result of divorce or separation. Such payments must be received continuously for one year to be considered as income to qualify for a loan.
support a minor, assistance, money for dependent, allowance
Related Terms and Acronyms
- Alimony — Definition,
- Monthly payments received by an ex-spouse. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
- Child Tax Credit (CTC) — Acronym,
➥ See Canada Child Tax Benefit (CCTB).
- A tax break for those who claim eligible dependent children on their tax returns.
- Contingent Liability — Definition,
- A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
- Dependent — Definition,
- A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
- Irrevocable Beneficiary — Definition,
- A life insurance or segregated fund beneficiary whose benefit cannot be revoked or modified in any way without his or her consent.