Divorce can be a difficult and emotionally charged process, and there are a lot of processes to go through and documents to sign. Unfortunately, even once the separation documents are signed, there’s still something else to occupy your mind: your taxes. Divorce does have its financial implications, and one of the biggest implications occurs during…
Dividing up assets and property can be complex, made even more so by tax implications. In Canada, there are a few things to keep in mind when it comes to divorce and separation regarding taxes. Split Your Family Assets This means that you should consider the taxes you will have to pay on the assets…
Divorce in Canada is an optimal arrangement for some former married people’s physical and mental well-being. However, aside from having those parts of your life impacted, you will also experience some financial changes. Compared to taxes where everything is filed in conjunction with a former partner, there will be several differences to keep in mind….
You may reach a point where you and your partner are unable to resolve disputes on your own. When that happens, divorce may be the only answer. If you and your partner break up, you will need to divide your assets in accordance with the applicable laws constituting your province. If you own a business,…
Going through a divorce typically means handling many issues and smoothing out arrangements for a peaceful separation. Some of the things that would have to be discussed with your former spouse involve setting up child custody, child support, living agreements, division of assets and more. While many of those will typically affect your finances, one…
Charitable Giving More Important Than Ever Charitable giving is one way that taxpayers can support a cause or organization close to their heart. In 2020, during a time of COVID, ton here are more worthy causes than ever before and fewer people able to contribute. It has been a difficult year for so many. As…
PREPARE NOW! SAVE LATER! Are you going through a separation or divorce? It is critical to negotiate certain income tax return items in your separation agreement. The Eligible Dependent Amount was worth $3,747 in tax savings (refund) to an Alberta parent in 2019. The credit is available federally and, in most provinces, as well. Single…
CPP or Canada Pension Plan is the accumulation of credits, dependent on a taxpayer’s annual earnings. It is a taxable pension benefit that you can receive beginning as early as age 60 (though you choose when to begin receiving CPP), or as late as 70. The amount you receive each month is based on your…
With the end of the year, our thoughts turn to resolutions. If you do not consistently contribute to an RRSP or haven’t previously contributed, it may be the time for a new year’s resolution!
The Road to Successful Spousal Support Negotiations Most lawyers would agree that spousal support is the most contentious issue in divorce negotiations. The Spousal Support Advisory Guidelines (SSAG) developed in 2005, have gone a long way toward paving the road to more consistent and predictable support awards. Though I am not lawyer and cannot quote…
© 2023 Alberta Divorce Finances. All Rights Reserved.
