BoK Statement

Identify that parents have a responsibility to support their children regardless of their marital status.
Identify that generally, evidence of financial arrangements for children must be made before a divorce is granted.
Identify child support guidelines that may be used in determining the support required by a parent for a child, such as:
- Federal child support guidelines
- Provincial child support guidelines
- Agreement between parents
Explain variables that may affect the calculation of child support, such as:
- Number of children
- Custody arrangement
- Residence of the payer
- Income of the payer
- Special or extraordinary expenses
Explain children who may be counted under child support guidelines for family law purposes.¹

Identify that spousal support guidelines exist.
Explain outcomes that may occur if support payments are not made.²
Explain the methods that may be used by government agencies with the authority to collect support payments, such as:
- Through garnishment
- Through direct debit
- Withholding tax refund and benefits

Explain that some jurisdictions may require adult children to provide reciprocal support to parents who are in need.

Glossary of Verbs (mouse over to see definition)

Define

To state exactly the meaning of

Identify

To be aware of / to recognize and correctly name / to locate an appropriate resource

Explain

To make clear the meaning of / to describe something in more detail or reveal relevant facts or ideas related to it

Compare

To note the similarities and differences between two or more things

Estimate

To determine an approximate value for

Calculate

To find the value using mathematics

Convert

To change from one form or purpose to another

Evaluate

To reach a conclusion or make a judgement through careful study

Interpret

To give the meaning of / to construe or understand / to translate orally

Read more about the Taxonomy used in the FP-BoK

Financial Planning Body of Knowledge