Schedule “A”
For the purposes of the Certificate, the following terms have the following meaning:
“Applicant Child” means a child for whom an application under ADP has been submitted to VTTA;
“Child Support Amount” means “child support amount” as that term is defined for the purposes of the Income Tax Act (Canada);
“Corporate Net Income” means the net income of a Corporation from line 300 of such Corporation’s T2 Corporation Income Tax Return (Canada), and includes, without duplication, the net income equivalent from a Corporation’s taxation return filed in any jurisdiction outside of Canada;
“Corporation” means a particular corporation (foreign or Canadian) of which one or both Parents own, directly or indirectly, through any one or more corporations or trusts, shares of the capital stock of the particular corporation:
(a) giving the holder of such shares 10% or more of the votes that could be cast at an annual meeting of the shareholders of the particular corporation; and
(b) having a fair market value of 10% or more of the fair market value of all of the issued and outstanding shares of the capital stock of the particular corporation;
“Family Net Worth” means, at any particular time, the difference, if any, between:
(a) the aggregate fair market value of all Property owned directly, or owned indirectly through any one or more corporations or trusts, by the Parents; and
(b) the aggregate fair market value of all outstanding liabilities of the Parents owed to arm’s length parties,
except that, in the event that the Parents are separated by reason of the breakdown of their marriage or common-law relationship and have not reconciled, or are divorced:
(i) where the Parents have shared financial obligations in respect of the Applicant Child by virtue of a court order or written agreement, the determination of Family Net Worth will be computed using the Property and liabilities of both Parents; and
(ii) where one Parent is solely responsible for the financial obligations in respect of the Applicant Child by virtue of a court order or written agreement, the determination of Family Net Worth will be computed using only the Property and liabilities of that Parent;
“Gifted Property” means any Property received by a Parent for no consideration;
“Gross Family Income” in respect of the Parents of an Applicant Child, is the aggregate of the following:
(a) the sum of their Parent Net Income for the taxation year immediately preceding the enrolment year in question;
(b) the sum of all Corporate Net Income for all Corporations for the most recent taxation years of each such Corporation that end no later than the February 28 immediately preceding the subject enrollment school year, multiplied by the Pro-Rata Factor in respect of each such Corporation; and
(c) the fair market value of all Gifted Property received for the taxation year immediately preceding the enrolment year in question,
except that, in the event that the Parents are separated by reason of the breakdown of their marriage or common-law relationship and have not reconciled, or are divorced:
(i) where the Parents have shared financial obligations in respect of the Applicant Child by virtue of a court order or written agreement, the determination of Gross Family Income will be computed using the Parent Net Income and related Corporate Net Income of both Parents; and
(ii) where one Parent is solely responsible for the financial obligations in respect of the Applicant Child by virtue of a court order or written agreement, the determination of Gross Family Income will be computed using only the Parent Net Income and related Corporate Net Income of that Parent plus any Child Support Amount received by that Parent for the taxation year immediately preceding the enrolment year in question;
“Parent Net Income” means the total income from line 150 of a Parent’s T1 Income Tax and Benefit Return (Canada), and includes, without duplication, the total income equivalent from a Parent’s personal taxation return filed in any jurisdiction outside of Canada;
“Parents” means the parents or guardians, as the case may be, of an Applicant Child, and “Parent” means one of them;
“Property” means property of any kind wherever situated, including for greater certainty, all real and personal property, immovable and movable property, tangible and intangible property, corporeal and incorporeal property;
“Pro-Rata Factor” means the proportion that the number of shares of the capital stock of a particular Corporation that are owned, directly or indirectly, through any one or more corporations or trusts, by a Parent is to all of the issued and outstanding shares in the capital stock of the particular Corporation.