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FIN 502 Study Guide - Unemployment Benefits

Course Code
FIN 502
Joan Lobo

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FIN 502 Chapter 5 Answers Fall, 2012
1. You are not required to memorize these tables for a test but you do have to know how they work. These
answers assume the parents and children live in the same province and no special provisions were made
in an order or agreement. > Federal Child Support Amounts Sept/12
(a) BC: #of children is on the upper right part of the “Official Version” of the Federal Child Support
Guidelines $1,015.28 a month (998 + 1.92% of 900). Then go to the 3 option, “online Look-up”
to check your answer.
(b) ON $1,617.00 a month: Since all four children are under the age of 12, if the custodial parent
works, additional support for day-care may be required.
(c) ON 1 Child: $1,411 a month: 1,263 +( .74% x 20,000)
2 Children: $2,240 a month: 2,012 + (1.14% x 20,000)
3 Children: $2,899 a month: 2,611 + (1.44% x 20,000)
The youngest child might require day care if the mother works and this could increase the amount
for one child.
The middle child is in boarding school and summer camp. This might increase the amount for two
children depending on who pays the fees and expenses.
The oldest is living outside of the family and is in school full-time to has to be supported. May not
be dependent.
This situation is going to require a negotiated agreement or court order.
2. Common-law partners vs married couples
same rights re all social assistance, government pension plans, government employment insurance
benefits, and government medical and dental coverage.
financial “advantages” of being married show up when the relationship breaks down or one dies.
common-law partners
have limited responsibility to provide support
few rights re property unless there is a cohabitation agreement about the ownership of assets
what each pays for belongs to that person
do have rights to the matrimonial home after 5 years of common-law living
no automatic right, in most jurisdictions, to property if the partner dies without a will.
in most circumstances, married spouses have automatic entitlement established in the law that
common-law partners may get only if they go to court.
4. No children and assume no debts.
Tony’s assets at the date of separation = $500,000 and Mary’s = $3 million.
Mary gets 1/2 of the condo ($150,000)
Tony will likely have to share the increase in the value of his investments he bought after they were
married although in some jurisdictions, they would belong to him.
Anne owes Tony $2 million if she spent the $1 million after they separated and $1.5 million if she
spent the $1 million before they separated.
spousal support is likely not an issue given the amount of net property involved. And they are likely
both working.,
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