My 20 year old son lives with me, does his income count?
I have met with a ‘Debt Consultant’ and am worried I do not have enough information on this. The consultant told me even though my son shares in the grocery bills and hydro, he will have nothing to do with my income reporting. Is this true? He does not pay rent and will be moving out in January.
If you are filing bankruptcy or a consumer proposal you must include your son’s income as part of the income of the family unit.
The Superintendent of Bankruptcy’s Directive on this is as follows:
For the purposes of this Directive, the bankrupt’s family unit includes, in addition to the bankrupt, any persons who reside in the same household and who benefit from either the expenses incurred or income earned by the bankrupt, or who contribute to such expenses or earnings. A person who does not reside in the same household shall be considered as a member of the family unit if the person benefits from or contributes to the expenses incurred or income earned by the bankrupt.
When your son moves out you will not have to include him as part of the family unit.