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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Child Support


Synonyms:allowance, assistance, money for dependent, support a minor
Acronyms &
abbreviations:
CS
Filed Under: financial-banking, investments, taxation
 

Definition of child support (CS)

child support (CS)
1. 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.

Related Terms and Acronyms:

  • alimony   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)   A tax break for those who claim eligible dependent children on their tax returns.
      ➥  See Canada Child Tax Benefit (CCTB).
  • contingent liability   A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
  • dependent   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   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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