Divorce, RRSPs and Buying a New Home
The Money Smart Divorce Solution Legal, Binding & Enforceable Separation Agreements Divorce and RRSPs Earlier this month, the Federal Budget updated a Canadian federal tax law that has major implications for family law and divorcing individuals. The Canadian Home Buyer’s Plan, the same plan that allowed first time homebuyers to withdraw from RRSPs to purchase […]
What if My Spouse Handled the Money?
DIVORCE AND FINANCES What if My Spouse Handled the Money? In some relationships, one spouse takes responsibility for handling the finances and the other steers clear of anything related to money. This may be for simplicity’s sake, because one spouse has a stronger interest, or for any number of reasons. While there is nothing inherently […]
Divorce Rules: Why is Divorce So Expensive?
DIVORCE RULES Why Is Divorce So Expensive? Years ago I wrote a book on divorce. Having been through the process a bunch of times—I’m the eternal optimist—I believe there are better ways of handling a breakup than taking a contract out on your Ex and running up a massive cost. Thus the reason for the […]
Taking Control of Your Finances
DIVORCE: Debt, Money and Finances Financial Responsibility Some spouses think that they are doing their ex-partner a great favour by continuing to manage the finances, or by paying a mortgage or debts. Some spouses even allow this to happen. This is not the way it works with financial control and responsibility. You are separating. Your spouse […]
Money Tips: How to Manage Money on Your Own?
The Money Smart Divorce Solution Legal, Binding & Enforceable Separation Agreements DIVORCE MONEY TIPS 5 Money Tips: How Your finances after Divorce Starting a new life after divorce is challenging! One of the most daunting hurdles is learning how to manage the money on your own. You may come out of your relationship having never […]
5 Tips for Spending as Little As Possible Little on Your Divorce
The Money Smart Divorce Solution Legal, Binding & Enforceable Separation Agreements Divorce Tips 5 Divorce Tips for Spending as Little as Possible on Your Divorce According to a recent survey of Canadian Lawyers, the average cost of a litigated Separation Agreement in Canada is approaching $27,000! That is without even reaching a trial, which could […]
Tax Smart and Money Savvy Divorces
In divorce, the real value of a settlement is not what you get in the agreement, but what’s left over after you pay Revenue Canada their share. Its hard to think taxes when the emotions are running high, but smart divorcing spouses really must consider the wide range of financial implications and tax planning issues […]
Gail’s Guide to Taxes and Divorce
During and following a divorce, your tax situation changes significantly. Here are a few of our most commonly asked “divorce and taxes” questions: How can divorce affect my taxes? There are real consequences attached to the transfer of assets between spouses when they get divorced. Not all assets are created equally, and you need to be […]
The Canada Revenue Agency and Divorce
During and following a divorce, your tax situation changes significantly. Here are a few of our most commonly asked “Divorce and Canada Revenue Agency” questions: When does Revenue Canada consider you separated? Separated for family law purposes is different than separated for Canada Revenue Agency (“CRA”) purposes. For family law, you are separated when you […]
Tax Implications of an Asset Split
Divorce is complex and confusing, especially when it comes to your money. After all, for most people divorce is less about the legalities and more about your children, the tax implications, and making smart money decisions. Even something that seems as simple as splitting assets can lead to unwanted financial headaches. It may seem all […]