The enclosed form will be used to determine and verify your surplus income requirements. The information provided will ultimately determine the length of your proceeding and the total amount to be paid as part of your surplus income requirement. Please remit a form each month for the entire duration of your bankruptcy proceedings. Each report, including the first report, is for the entire calendar month (i.e. 1st – 31st). The first report is for the entire month in which the assignment was made, regardless of whether you may have filed after the 1st of the month.
Verification of income reported is required for “Monthly Income” and “Monthly Non-Discretionary Expenses”.
For “Net employment income”, please provide a pay stub. For all other sources of income, please provide a bank statement. If you are reporting self-employment or business income please fill out the Self-employment /Business Income and Expense reporting form.
For “Monthly Discretionary Expenses” we do NOT require receipts.
When calculating net income, it is important to remember that if a deduction has been made from your net pay it must be a mandatory deduction for the purposes of these forms. If you are voluntarily contributing to expenditures being deducted from your pay, such as RRSPs, TSFAs, group lotto plans, bus passes, gym memberships, etc., then these deductions should be added back to the net income before submitting.
If your spouse is reporting income, then we will need supporting documents to verify their income as well. The calculation for surplus income is based on household income.