Gross Monthly Income

Sam · Posted: Wed Apr 07, 2004 12:45 am Post subject: Gross Monthly Income

Gross Monthly Income is the total of all the money, goods and property earned during the month, before reducing it by adjustments, deductions or exemptions. It may also include rental income, self-employed income, income from alimony, child support, public assistance payments, retirement benefits, overtime, part-time employment, bonuses, tips, commissions, dividends, interest, royalties, pensions, net rental income and income received from business activities or investments.

For example, let self employed income for Kris be $10,000; Overtime be $3000, Bonus be $2500; Tips be $1000; Royalties be $3000 per month. Therefore, his
Gross monthly income = $10,000 + $3000 + $2500 + $1000 + $3000
Gross monthly income = $19,500

A Gross Monthly Income Worksheet will make your calculations easier in this regard.

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Monthly Income

Guest 0.10 Dollars($)

Does this mean Baby Bonous and Gst cheques aswell? Can you use these for your total income when applying for a morgage?

Guest 0.10 Dollars($)

I hope baby bonus and gst cheques can be included as income when it comes to getting approval for mortgage.

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