Comments on: Calculating Surplus Income – Directive No. 11R2 – 2012 http://grossmancga.com/site Independent advice in your best interest Wed, 02 Nov 2011 17:41:12 +0000 hourly 1 http://wordpress.org/?v=3.1 By: Eric Grossman, CGA http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-9468 Eric Grossman, CGA Fri, 15 Jul 2011 10:39:32 +0000 http://grossmancga.com/site/?page_id=129#comment-9468 Household income $4200 - Superintendent's Standard $2948 = Surplus income of household $1252 Bankrupt's share = $1252 x $0/$4200 = $0. That is, there is no surplus income for the bankrupt. Best regards, Eric Household income $4200 – Superintendent’s Standard $2948 = Surplus income of household $1252
Bankrupt’s share = $1252 x $0/$4200 = $0. That is, there is no surplus income for the bankrupt.

Best regards,

Eric

]]> By: Nael http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-9434 Nael Wed, 13 Jul 2011 20:51:24 +0000 http://grossmancga.com/site/?page_id=129#comment-9434 I have a challenging question on bankrupt payment calculation: For the family of three ,with the Bankrupt income "0" (for for the period over one year)and the spousal net income 4200, with no joined loans in this case, how much payment required ? Thank you. I have a challenging question on bankrupt payment calculation:
For the family of three ,with the Bankrupt income “0″ (for for the period over one year)and the spousal net income 4200, with no joined loans in this case, how much payment required ?
Thank you.

]]> By: Eric Grossman, CGA http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-5193 Eric Grossman, CGA Fri, 11 Mar 2011 16:09:09 +0000 http://grossmancga.com/site/?page_id=129#comment-5193 Hello, Richard: Ask your Trustee whether they will permit you to include this allowance both as income and as a non-discretionary work expense on your monthly statement of income and expenses. This would have the effect of eliminating such work allowances from surplus income. Best regards, Eric Hello, Richard:
Ask your Trustee whether they will permit you to include this allowance both as income and as a non-discretionary work expense on your monthly statement of income and expenses. This would have the effect of eliminating such work allowances from surplus income.
Best regards,
Eric

]]> By: Richard http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-5187 Richard Fri, 11 Mar 2011 05:33:19 +0000 http://grossmancga.com/site/?page_id=129#comment-5187 I work at an occupation where I work away from home in other towns when I am on shift. I am paid a daily subsistence amount of $40/day in addition to my wages. My company indicates this subsistence amount on my pay slips, but adds it to the total of my net pay, effectively causing me to have to remit roughly 50% of it as surplus income payments. Is there a way for this amount to at least partly be qualified as being acceptable as an expense required for employment (as mentioned in Section 5 (3)(f))? Are there any trustee forms that can be used to outline such expenses? I am just asking as it adds a hefty amount to my monthly surplus income payments and makes it difficult to live out of town for work. I want to keep working to pay as much as possible to my estate, but a little relief for some work expenses would definitely be appreciated. I work at an occupation where I work away from home in other towns when I am on shift. I am paid a daily subsistence amount of $40/day in addition to my wages. My company indicates this subsistence amount on my pay slips, but adds it to the total of my net pay, effectively causing me to have to remit roughly 50% of it as surplus income payments.

Is there a way for this amount to at least partly be qualified as being acceptable as an expense required for employment (as mentioned in Section 5 (3)(f))? Are there any trustee forms that can be used to outline such expenses?

I am just asking as it adds a hefty amount to my monthly surplus income payments and makes it difficult to live out of town for work. I want to keep working to pay as much as possible to my estate, but a little relief for some work expenses would definitely be appreciated.

]]> By: Eric Grossman, CGA http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-5042 Eric Grossman, CGA Sat, 26 Feb 2011 22:11:33 +0000 http://grossmancga.com/site/?page_id=129#comment-5042 If you look at Subsection 5(2) of the <a href="http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/" rel="nofollow">Directive on surplus income</a> you see that only the "minimum statutory remittances" are allowed as deductions from gross income. Accordingly, if you voluntarily increase the tax withheld at source, that increase will not change the surplus income calculation. Additionally, as your question suggests you already suspect, this strategy is clearly aimed at an illegal evasion of the statutory surplus income provisions. Please feel free to contact me directly with any further questions. If you look at Subsection 5(2) of the Directive on surplus income you see that only the “minimum statutory remittances” are allowed as deductions from gross income. Accordingly, if you voluntarily increase the tax withheld at source, that increase will not change the surplus income calculation. Additionally, as your question suggests you already suspect, this strategy is clearly aimed at an illegal evasion of the statutory surplus income provisions.
Please feel free to contact me directly with any further questions.

]]> By: Peter http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-5032 Peter Fri, 25 Feb 2011 22:17:57 +0000 http://grossmancga.com/site/?page_id=129#comment-5032 If I have more tax taken off of my pay to reduce the surplus income payment payable (effectively making no surplus payable during the course of my bankruptcy)is this an offence or an issue when it comes to my discharge? The way I see it, the trustee will receive a larger post tax refund in the case of my filing in the early part of 2011. Thank you. If I have more tax taken off of my pay to reduce the surplus income payment payable (effectively making no surplus payable during the course of my bankruptcy)is this an offence or an issue when it comes to my discharge? The way I see it, the trustee will receive a larger post tax refund in the case of my filing in the early part of 2011.

Thank you.

]]> By: Eric Grossman, CGA http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-129 Eric Grossman, CGA Tue, 16 Feb 2010 18:42:10 +0000 http://grossmancga.com/site/?page_id=129#comment-129 Hello, Susan: NEL payments received during bankruptcy are added to total income in the surplus income calculation, so a portion will be paid to the estate. Hello, Susan: NEL payments received during bankruptcy are added to total income in the surplus income calculation, so a portion will be paid to the estate.

]]> By: susan http://grossmancga.com/site/canadian-bankruptcy-rules/surplus-income-in-canadian-bankruptcy/calculating-surplus-income-directive-no-11r2/comment-page-1/#comment-127 susan Sun, 14 Feb 2010 20:59:04 +0000 http://grossmancga.com/site/?page_id=129#comment-127 what is Non-Economic-Loss from Workplace safety and Insurance Board classified under in the Surplus Income Laws? what is Non-Economic-Loss from Workplace safety and Insurance Board classified under in the Surplus Income Laws?

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