Child Support

Definition

  • 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.

Synonyms
allowance, money for dependent, assistance, support a minor

Acronyms
CS

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,
    • A tax break for those who claim eligible dependent children on their tax returns.
    See Canada Child Tax Benefit (CCTB).
  • 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.
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