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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Alimony


Synonyms:court-ordered provision, support, sustenance
Filed Under: financial-banking, legal-contracts, taxation
Tags: banking, contract, legal, taxes
 

Definition of alimony

alimony
1. Alimony is a monthly payment made to an ex-spouse usually as determined by the courts. If you are receiving alimony, payments must be received continuously for one year to qualify as income for a loan, mortgage or otherwise.

Related Terms and Acronyms:

  • child support (CS)   Monthly payments that contribute to the care of a child. Payments must be received continuously for one year to be counted toward qualifying income for a loan.
  • Child Tax Credit (CTC)   A tax break for those who claim eligible dependent children on their tax returns.
      ➥  See Canada Child Tax Benefit (CCTB).
  • contingent liability   A legal responsibility to pay certain sums conditional on a future event such as a law suit or court case.
  • dependent   A person who relies on someone else for financial support. If you have dependents, you can claim them as exemptions, which will reduce the amount of your income that is taxed.
  • joint tenancy   When two people (typically spouses) both own an undivided interest in a property. If one joint tenant passes away, the other receives the title to the entire property.
  • jointly-owned property   A property held in the name of more than one person.
  • marital deduction   For estate tax and gift tax purposes, a deduction that allows you to transfer assets to your spouse tax-free.

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