School age calculator ontario


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    Pinterest Reddit One of the best ways to know if you are saving and investing wisely is to talk to a financial services professional. Planning for the present, and the future is vital.

    It means you can purchase what you want when you want. Also, it can help you send your children to school. And, retire comfortably. But how much do you need? Canadians carry a lot of debt. They also have a lot of expenses. Managing your money throughout the course of your life can feel like walking on a tightrope while juggling. Financial service professionals can help you manage the balls in the air. At the same time, taking ownership of your cash flow and having a solid idea of what is going where, and why, can only help you make wise decisions.

    Want to know what age you can retire at given your current savings? Thankfully, we live in the digital age, where access to information is at our fingertips. And there are so many online financial planning and retirement calculators to choose from. Their easy-to-use platforms provide a real-time view, for both short- and long-term planning. Below is a list of the most useful financial planning and retirement calculators you might need as you go through life.

    These will help you work out savings plans and prepare for large purchases. Retirement Calculators for Canadians How much you need for retirement depends on how you live now, and how you want to live until retirement. And, it depends on when and where you want to retire.

    There are a number of retirement calculators you can and should use to determine what you need to retire comfortably. Here are some options to help you better understand how much money you need for a comfortable future. Then, it breaks down how your current savings efforts can help you meet that goal. The calculator by Calculator. These include how much you need, how long it will take to save, and how you can save. In addition, it provides an estimate of your monthly income in retirement based on your savings.

    If you want to see what your retirement income looks like, including government benefits, have a look at the Canadian Retirement Income Calculator. This helps you see how much you need to save for retirement in addition to these retirement benefits. Debt-Repayment Calculators in Canada So often, those of us who get in over our heads look at our debt as a mountain too tall to climb.

    And this can be a real problem, particularly in retirement. The truth is, with some effort and self-restraint, you can crush your debt. Want to see how you can achieve a debt-free future? There are a number of calculators you can use to help with financial and retirement planning. This is important if you want to have a comfortable retirement. And having lots of debts with various interest rates can make your brain spin.

    This calculator is perfect for anyone carrying different types of debts. In addition, it suggests which ones to pay off first. Credit Canada offers a debt repayment calculator. First, enter the balance and interest rates of all of your debts. Then, add in how much money you think you can afford to pay monthly.

    Based on that, it provides various repayment strategies, as well as how long it will take you to pay off your debt. We love this calculator because it also shows you exactly how much interest you save by tackling those debts. It highlights how much money you save — and how quickly you can pay off your debts — when upping your monthly payments. Seeing how small changes can have a big impact is a real eye-opener.

    It calculates your monthly debt repayments, based on different options. Using a debt-repayment calculator helps you plan ahead for a stronger financial future and retirement. It shows you what you need to put towards your debts, and how long it may take to pay them off. And being debt-free is one of the best ways to plan for a comfortable retirement.

    We are given a lot of credit, and we use it. Again, you need to get control of debt to plan for a comfortable retirement. And, it is possible to get your finances and debt under control. But you need to stop using credit while paying it down. Credit-Card Repayment Calculators Use a credit card repayment calculator like the ones offered by Debt.

    These calculators also tell you how long it takes to pay off credit card debt. This equals a brighter financial future. It shows you how long it takes to pay off those debts completely. The calculator from Getsmarteraboutmoney. In addition, it helps show you which debts to pay off first, and why.

    We also really like this calculator from Bank Rate. Plug in what you can afford to pay monthly, or your goal date for paying off debt. Then, it gives you a payment plan that makes sense. And, one that you can afford. The Government of Canada provides its own credit card repayment calculator. We love this calculator because it provides three different ways of paying down your credit card debt. With each, you see the impact of those different methods, such as paying the minimum versus a fixed amount.

    The Best Financial Planning Calculators in Canada If you have specific savings goals, a financial planning calculator is a great tool to help you manage both your debt and savings goal. The Government of Canada offers a number of financial calculators , including one that is specifically aimed at setting a financial goal. My Money Coach also offers its own set of financial calculators. These aim to get you on the right track in managing money, in and out. Calculators For Investing For Retirement Not sure how your investments will grow in the short and long term?

    Your financial services professional can show you the types of returns you may see. Using a financial planning calculator, like the ones offered by the Bank of Canada and the Financial Post, allows you to plug in different numbers.

    See for yourself how investing pays off. Want to know how long it takes to reach a specific amount? Input your financial goal and contributions, among other things. And it tells you the time it takes to meet that goal. If you want to understand the impact of compound interest, Getsmartaboutmoney.

    Particularly as it adds up and provides security for your financial needs, today and into the future. CCHWebsites provides a calculator that shows you how savings compound over time. This helps you build wealth. If you have a specific goal in mind, we like the savings calculator that CIBC offers. It allows you to set a savings goal, and a deadline to meet that goal.

    This helps you figure out how much you need to set aside to get there. We like calculators by carloanscanada. These show monthly payments or total purchase price. You can adjust the numbers to see how down payments and the length of the loan impact your monthly payments. ScotiaBank offers an easy-to-use calculator that allows you to calculate your monthly payments on a vehicle. Also, it shows you the maximum amount you need to borrow to purchase it.

    Simply plug in your down payment, your total cost, and the interest. Then, it calculates your monthly payments. Done and done. Debt Canada and Loans Canada both offer helpful calculators that you see your monthly payments and the long-term costs of borrowing.

    Depending on the type of loan you want, there a number of other calculators on the market that can narrow down what that loan could and should look like. Again, we like Calculator. Their loan calculator allows you to compare amortized loans , fixed payments over a period of time , deferred payment loans lump sum paid when the loan matures , and a bond payment of a predetermined amount upon maturity.

    TD Bank offers a simple calculator if you want to know how much your monthly payments are on a particular loan amount. However, the calculator offered by ScotiaBank is more focused on providing a loan strategy that helps you meet your specific goal. Royal Bank also offers its own calculator. In addition to estimating your payments on a specific loan, it also shows you cost savings based on your borrowing strategy. Financial Planning Calculators for Mortgages Today, all major banks offer mortgage calculators.

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    For parents that are either paying or receiving child support payments, it is important to have an idea of what you may have to pay or receive.

    My support calculator can serve as a guideline and help you adjust your expenses according to your legal obligations. Step 2: Adding Section 7 Expenses The next step will be to determine if any special or extraordinary expenses apply in your case.

    These are also called section 7 expenses and may be added to the table amount. Expenses that fall within this category include: The part of medical and dental insurance premiums that the other parent pays to cover the children Child care needs that a parent living with the child would face due to their job such as daycare expenses, illness etc.

    Expenses for extra-curricular activities such as music lessons or sports Expenses for post-secondary education Expenses for primary and secondary education Not all expenses will make this list though. To be considered special or extraordinary expenses, they must be necessary and reasonable. There is no set provision for who must pay these special or extraordinary expenses. You may agree to have one parent pay the whole amount, split them equally or in relation to how much each parent earns.

    Not all the time. There are certain specific circumstances where this may be the case though. For instance, where there is shared custody or split custody between the parents, the amount may change.

    In this case, both parents now have an obligation to pay child support. Once you determine how much each parent should pay, then the parent who has to pay more only pays the difference between the two amounts. Split custody is similar to shared custody. Only now, there are two or more children and each parent has at least one child that lives with them most of the time. In this case, both will also have to pay child support.

    Likewise, when they determine how much each should pay, the parent who has to pay more only pays the difference. Keep in mind that in calculating child support for split custody , you should pick the table amount that applies to how many children live with you. Scheduling Payment of Child Support When all the details are agreed upon, you should think about how you want to arrange and schedule child support. This may be in one of three ways: Online , through the official Ontario portal By written agreement In court If you choose to go by a written agreement, a mediator can help you take care of all the details.

    If you would like to have the agreement enrolled with the Family Responsibility Office , you can enroll an agreement in the court as well. Keep in mind that your agreement should contain enough details on when payment should be made and how.

    Get a head start on your child support arrangements A mediator can help you understand more about how to calculate child support in Ontario and come to a mutually satisfactory agreement with the other parent. Call us at Divorce the Smartway to learn more. Because your ex refuses to let you see your children, the family court will not lessen the amount of child support you owe.

    Paying child support late, on the other hand, can backfire. How does claiming bankruptcy affect child support? Bankruptcy does not relieve you of your need to pay court-ordered spousal support, or child support.

    This includes both past-due and current payments. Furthermore, you will be required to continue making regular payments. Can child support be adjusted? If there has been a major change in circumstances, either parent can request that child support be increased, lowered, or even cancelled.

    What happens if you don't pay Child support Ontario? How does the Family Responsibility Office work? The Family Responsibility Office FRO is a provincial organization in charge of enforcing child and spousal support obligations. The FRO collects support directly from the person who is responsible for paying it, keeps track of the amounts paid, and then pays it to the person who is responsible for receiving it.

    You can register your separation agreement with the FRO by filing a copy of the separation agreement, the affidavit for filing, and a completed FRO registration package with the Ontario Court of Justice or Superior Court of Justice, and then mailing a copy of the separation agreement, the affidavit for filing, and a completed FRO registration package to the FRO. How do you calculate self employed income?

    When a spouse is self-employed, the situation becomes much more complicated because their genuine earnings are likely not reflected in their tax returns due to write-offs, deductions, and exemptions.

    The real income will then be negotiated between you and your spouse. This can be accomplished easily through mediation or a collaborative process, but if required, you can take the matter to court, where a judge will determine make a decision about your actual income. Are sports included in child support? These unusual and extraordinary expenses must be essential and reasonable, according to the rules. How is child support supposed to be spent? There is no necessity that the spouse receiving Child Support spend the money on the children because it is thought that the parent who lives with the child on a daily basis is responsible for their financial well-being, thus flexibility and discretion are granted accordingly.

    Child Support, to put it another way, is supposed to help with household expenses and basic requirements as if the paying parent lived with the child. Is it possible to pay my child directly to my co-parent? Child Support is usually paid directly to the other parent. Can you avoid child support with a prenup? You are not permitted to enter into any agreement that is in violation of the laws of Ontario. You or your spouse cannot contract out of Child Support since it is a right of the child rather than a right of one of the parents.

    Can a I be forced to pay child support for a child that is not mine? The adult cannot unilaterally break such a link once it has been created. Do I declare child support on taxes?

    Child support is not tax-deductible for the paying parent and is not added to the income of the receiving parent. What is the formula for calculating child support? You will have to pay child support if you are a parent. Both parents are financially responsible for their children, and that support is determined by your income and the number of children involved. Support will be provided until your children reach the age of 18 or complete their post-secondary education.

    The Family Responsibility Office FRO was established by the Ontario government to enforce support payments support orders if necessary. The FRO will require all support payments to be made to the FRO, who will then transmit the payment to the other parent. Will I still owe Child Support if my ex remarries? Yes, because it makes no difference if one of you remarries.

    Both parents are responsible for child support, which remains independent of any subsequent partnerships. Do I have to pay Child Support because we never married? Many are content or are advised by their lawyers to leave it to the courts to decide. Is that good advice? What if both of you could agree on the nature of child support between yourselves, in an informal way? Surely that would be better than relying on a court judge who hardly knows either of you? As well as the court-based route to this outcome, there are two informal ways parents can come to an agreement about child support: Informal Settlement Negotiations Alternative Dispute Resolution ADR which includes processes such as mediation and collaborative family law How to get child support without family lawyers or court How does child support work in Canada Child Support Mediation This approach can be worth its weight in gold in helping spouses reach agreement over child support issues.

    Its effectiveness depends on how deep the divisions and disputes are between former partners, and how willing each parent is to work with the other to find a solution. Mediation and collaborative family law permit parents to play an active role in suggesting ways to resolve their disagreements. This is seen as preferable to leaving the decision in the hands of a third party Family Court Judge which is often the outcome when the issue is dragged through the courts.

    Aside from mediation, arbitration is another, more structured ADR option, during which a neutral third-party will hear the arguments of and study the evidence provided by each spouse and then come to a decision based on the facts. Child support by informal settlement negotiations For this to work, parents need to be willing and able to work together to resolve all the issues relating to child support. Some spouses, when faced with a dispute over a child support issue will direct an attorney to negotiate on their behalf, but most times, parents are able to handle negotiations themselves.

    And, vitally, this agreement should be written down. Child Support Mediation: Alternate Arrangements In Child Support Mediation parents can agree to alternate child support arrangements: The court has a limited ability to make a court order for child support in amounts different than what would normally be required by the Child Support Guidelines tables.

    The same rules apply to parents and guardians who are making agreements about child support. Without one of the Guidelines exceptions, the court is unlikely to uphold an agreement that provides for a child support payment that significantly departs from the Guidelines amount.

    With alternate child support arrangements the parents must show that they made reasonable financial arrangements for the children. An example would be where the parents decide that one parent takes less than half the value of the house and gives the house to the other parent who continues to live in the house with the children. Why do I have to pay child support with joint custody? When couples split, and the thorny question of child support has to be tackled, expect fireworks.

    Very few spouses are able to sail through the process and agree on everything. But in this situation, another option is often laid on the table by one of the spouses, and at the time it seems appealing because it presents a way past the stresses and expense of a court hearing , Usually, it will be the parent who is due to pay guideline child support who will suggest another option.

    They may not fancy the idea of fixed monthly payments, preferring a more meaningful role in the raising of their children. Or they may be seeking a more flexible arrangement that would allow both parents to help out as and when they can, and to respond to any unexpected requirements without involving lawyers and judges.

    Do you have to pay child support? These are all plausible reasons for seeking alternatives to guideline child support. Good parents pay! This is why I encourage custodial parents to treat such suggestions with great suspicion and to resist these alternatives to child support. One parent routinely objects to expenses that the other parent deems important. These scenarios are all too common. But often by then, much damage has been done to the relationship between the spouses, with one feeling used by the other.

    This often results in the children losing out and begs the question of why bother even considering these alternative arrangements in the first place? Just go with guideline child support from the start. How does child support work in Ontario How to Calculate Ontario Child Support When couples with children decide to part ways, one of the issues that is always at top of mind is support.

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    Health and healing The Government is committed to a fair and lasting resolution to the legacy of Indian Residential Schools. An important part of this process is working closely with former students, their families, and communities in support of projects that promote healing. Indigenous and Northern Affairs Canada continues to support former students in crisis by funding the National Indian Residential School Crisis Line, a national, hour toll-free support service operated by trained crisis counselors, many of whom are Indigenous.

    Advocacy and public information program The Advocacy and Public Information Program APIP was a contribution funding program to support the sharing of information and to ensure that Indigenous communities, particularly former Indian Residential School students and their families, are aware of all aspects of the Settlement Agreement.

    Objectives The Advocacy and public information program was launched in to ensure all efforts were made to reach former Indian residential school students to inform them of benefits available to them under the Settlement Agreement. A special effort was made to communicate to former students located in remote and isolated communities, those in mental health institutions, and those who are homeless or incarcerated.

    As well, APIP projects promoted healing and reconciliation by helping Canadians to understand the Settlement Agreement and the impact that the legacy of Indian residential schools has had on Indigenous communities. In recent years, APIP objectives were expanded to include: promoting healing and reconciliation among youth and inter-generational survivors helping Canadians, particularly Indigenous and non-Indigenous youth, to understand the impacts that the legacy of Indian residential schools has had on Indigenous people and their communities in order to promote the goal of developing new partnerships for the future support for former students to attend Truth and Reconciliation Commission national events.

    The adult cannot unilaterally break such a link once it has been created. Do I declare child support on taxes? Child support is not tax-deductible for the paying parent and is not added to the income of the receiving parent. What is the formula for calculating child support?

    You will have to pay child support if you are a parent. Both parents are financially responsible for their children, and that support is determined by your income and the number of children involved.

    Support will be provided until your children reach the age of 18 or complete their post-secondary education. The Family Responsibility Office FRO was established by the Ontario government to enforce support payments support orders if necessary. The FRO will require all support payments to be made to the FRO, who will then transmit the payment to the other parent.

    Will I still owe Child Support if my ex remarries? Yes, because it makes no difference if one of you remarries. Both parents are responsible for child support, which remains independent of any subsequent partnerships. Do I have to pay Child Support because we never married? Many are content or are advised by their lawyers to leave it to the courts to decide. Is that good advice?

    What if both of you could agree on the nature of child support between yourselves, in an informal way? Surely that would be better than relying on a court judge who hardly knows either of you? As well as the court-based route to this outcome, there are two informal ways parents can come to an agreement about child support: Informal Settlement Negotiations Alternative Dispute Resolution ADR which includes processes such as mediation and collaborative family law How to get child support without family lawyers or court How does child support work in Canada Child Support Mediation This approach can be worth its weight in gold in helping spouses reach agreement over child support issues.

    Its effectiveness depends on how deep the divisions and disputes are between former partners, and how willing each parent is to work with the other to find a solution. Mediation and collaborative family law permit parents to play an active role in suggesting ways to resolve their disagreements. This is seen as preferable to leaving the decision in the hands of a third party Family Court Judge which is often the outcome when the issue is dragged through the courts.

    Aside from mediation, arbitration is another, more structured ADR option, during which a neutral third-party will hear the arguments of and study the evidence provided by each spouse and then come to a decision based on the facts. Child support by informal settlement negotiations For this to work, parents need to be willing and able to work together to resolve all the issues relating to child support. Some spouses, when faced with a dispute over a child support issue will direct an attorney to negotiate on their behalf, but most times, parents are able to handle negotiations themselves.

    And, vitally, this agreement should be written down. Child Support Mediation: Alternate Arrangements In Child Support Mediation parents can agree to alternate child support arrangements: The court has a limited ability to make a court order for child support in amounts different than what would normally be required by the Child Support Guidelines tables. The same rules apply to parents and guardians who are making agreements about child support. Without one of the Guidelines exceptions, the court is unlikely to uphold an agreement that provides for a child support payment that significantly departs from the Guidelines amount.

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    With alternate child support arrangements the parents must show that they made reasonable financial arrangements for the children. An example would be where the parents decide that one parent takes less than half the value of the house and gives the house to the other parent who continues to live in the house with the children.

    Why do I have to pay child support with joint custody? When couples split, and the thorny question of child support has to be tackled, expect fireworks.

    Very few spouses are able to sail through the process and agree on everything. But in this situation, another option is often laid on the table by one of the spouses, and at the time it seems appealing because it presents a way past the stresses and expense of a court hearingUsually, it will be the parent who is due to pay guideline child support who will suggest another option.

    They may not fancy the idea of fixed monthly payments, preferring a more meaningful role in the raising of their children.

    Or they may be seeking a more flexible arrangement that would allow both parents to help out as and when they can, and to respond to any unexpected requirements without involving lawyers and judges. Do you have to pay child support? These are all plausible reasons for seeking alternatives to guideline child support. Good parents pay! This is why I encourage custodial parents to treat such suggestions with great suspicion and to resist these alternatives to child support.

    One parent routinely objects to expenses that the other parent deems important. These scenarios are all too common. But often by then, much damage has been done to the relationship between the spouses, with one feeling used by the other.

    This often results in the children losing out and begs the question of why bother even considering these alternative arrangements in the first place? Just go with guideline child support from the start. How does child support work in Ontario How to Calculate Ontario Child Support When couples with children decide to part ways, one of the issues that is always at top of mind is support. Who pays it, how much will it be per month, etc.

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    So, how do you calculate Ontario child support payments? In cases where both partners have reached an agreement with regards to where the child will be living, you will need to start working out a child support payment that is fair.

    If a child is spending all or the majority of their time with one parent, the child support will be received by that parent. In order to determine the amount of child support, the annual earnings of both parents will be considered. This means total annual income, prior to the deduction of taxes.

    In many cases, this simply means looking at the amount on your income tax return. However, in cases where your job situation seems very complicated, you own your own business for example, getting legal advice or assistance from a Divorce Financial Analyst is never a bad idea.

    You can find this tool under the Child Support Table Look-up for the province or territory where the paying parent lives. Fill out the boxes to get a general idea of the amount of child support that will be required each month.

    This tool has been designed to be in line with Child Support Guidelines to ensure that children are receiving adequate care and that the amount fairly reflects parental income. Keep in mind, however, that this amount is just a guideline. Separated parents will need to take other expenses into consideration, and there may be extraordinary circumstances or special expenses that will also be taken into account.

    If you happen to be a parent who is receiving some form of income assistance, be sure to get some professional advice from anyone at child support services. This will ensure every arrangement pertaining to child support accurately reflects your income situation. Unless the separation agreement stipulates otherwise, child support will still be paid, even though the parenting is shared.

    In most cases, the amount is, as with sole custody cases, calculated depending on annual household income. To calculate Ontario child support in these cases, follow the same steps as you would with a sole custody case use the Ontario child support guidelines calculatorbut do it for both parents.

    The parent who earns more pays child support to the other parent using an offsetting calculation. Joseph and Emily have 2 children, and are sharing the parenting responsibilities.

    Their children will spend half their time with Joseph and half their time with Emily.


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