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…
Could the 2019 Federal Budget Help Those Separating? In the past, the Home Buyers’ Plan (HBP) has allowed first-time homebuyers to withdraw up to $25,000 from their Registered Retirement Savings Plan to purchase a home without having to pay tax on the withdrawn amount (Budget 2019 proposes to increase the HBP limit to $35,000 per…
6 Things Getting Divorced Taught Me About Money with Tasha on for The Financial Diet. You may think that divorce is a 50/50 split of assets and debts but you’d be terribly wrong. You can be left dealing with the financial outcomes of divorce for years. Get good advice pn financial matter including taxes before…
Pre-nuptial agreements can be a morbid topic and must be handled appropriately. Be sensitive, honest and logical when bringing up the topic.
CPP Credit Split Is Timing Critical for a CPP Credit Split? Does it Really Matter When You Apply?
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…
Separated But Living Together, An Oxymoron? Many couples on the journey of separation/divorce find themselves in the unenviable position of having to continue to live together because they cannot afford two separate residences. You might be thinking that this sounds absurd but it is reality for many couples. In today’s depressed real estate market couples…
Choose the Right Divorce Lawyer! Choosing the right family lawyer may be one of the biggest decisions that you will ever have to make. Men and women do not give enough thought to the choice of their divorce lawyer. Your future may be forever affected by the quality of the divorce lawyer you choose. When…
10 Financial “Must-Knows” to Successfully Survive Your Divorce 1. Money will almost always become an issue in divorce • Many people start out thinking and believing the promise that things will always be divided evenly and straightforward • Money is sometimes used as a bargaining tool to resolve other issues 2. Gather everything you can…
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