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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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50% - Moderately

Dependent


Synonyms:baby, child, defenceless, helpless, minor, relies on someone
Filed Under: legal-contracts, mortgages, taxation
Tags: contract, legal, mortgage, taxes
 

Definition of dependent

dependent
1. A person, often a child or spouse, who relies on someone else for financial support. Dependents can be claimed as exemptions which reduces the amount of your income that is taxed.

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 support (CS)   Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.

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