This episode of the Ontario Family Law Podcast discusses how a self employed person’s income for support can be much different, usually higher, than what that person shows on their tax return. This is the case even when the self employed person is being entirely honest on his or her tax return. Self- employed people are taxed differently from people on salary, and so they are treated differently in relation to both spousal and child support. It is critical that when one or both separated spouse is self employed, both spouses understand the difference in how support is calculated. Support may be much too low or much too high if both sides do not understand how support calculations work.
The Ontario Family Law Podcast is a companion to the book, Guide to the Basics of Ontario Family Law, which is available as an e-book for Amazon Kindle or Kobo, and as an iBook for iPad, iPhone and Mac, or as a paperback for $20.00 (or less) from Amazon and other fine book sellers. The Guide is an easy-to-understand explanation of the basics of all aspects of Ontario Family Law, from a description of Family Court and the other ways to resolve family law matters, to a description of the most important family law topics, to tips on how to avoid common mistakes and succeed after separation.
If you are self-employed, or earn your income in a complicated way, you may want to contact Certified Specialist in Family Law, Toronto Divorce and Family Lawyer, John Schuman, if you are going through a separation or divorce or you have a child support issue. You can reach John by calling 416-446-5847, emailing him, or by using the form below. Feel free to also use the form if you want to comment on this edition of the podcast. Feel free to share this podcast on your social network, using the buttons at the bottom of the page, if you found this episode of the podcast helpful, or if you know other who need to know the information that John covered.
If you found this podcast helpful, please share it on your social network using the buttons at the bottom of the page.