Tax and spousal support is often overlooked when couples separate. This is important, as it is one of the few areas where a family can benefit from a tax reduction. Who doesn’t want to pay fewer taxes? Generally speaking, spousal support is tax-deductible for the payor and taxable for the…
Before you separate or divorce in BC, there are things you can do before you leave your relationship that will make it easier. TOP PRIVACY & FINANCIAL THINGS TO DO 1. Create a new private email address, and change all of your online and computer passwords. This includes your cell…
What qualifies as a support payment, and how it is taxed, are important issues. How support payments are defined affects your income (as defined by CRA), the amount of tax deductions you are allowed, and ultimately how much income tax you pay. Each person’s case is unique, and you should…
Legal fees are tax deductible in family law cases when they result in either child or periodic spousal support. However, only the part of your case that relates to support is tax deductible. For example, if your case involves obtaining a divorce, child custody, and child support, they only cost…
Financial Statements can be intimidating. For most people, this is the first time they have to swear an affidavit. The key thing to remember is to be honest. If you do not know the answer to a question, say so. They other thing to remember is that a Financial Statement…