A Guide on Tax Issues in Family Law in British Columbia

The Tax Matters Toolkit have been recently updated by the Canadian Bar Association in partnership with Justice Canada, Finance Canada and the Canada Revenue Agency.

These Toolkit is designed to provide assistance to clients who are currently undergoing separation or divorce and to gain a better understanding of how tax regulations could potentially impact your financial situation after separation or divorce.

The toolkits delve into different tax credits, benefits and deductions. For example it deals with definitions that are relevant to you after separation, such as what classifies as a "principal residence" by the CRA or how do you approach your RRSPS after separation when buying a new property. The Toolkit provides insight to parties when they are trying to comb through the financial issues in their family law litigation. These include:

• Collaborating with the tax system

• Considering tax implications

• Inquiring for clarification

• Maintaining records and essential details

• Submitting tax documents

• Seeking guidance

• Terminology

It also provides a guide on using CRA FORMS that are important to obtaining a divorce and separation:

• Regarding alterations in marital status

• Concerning alimony payments

• About RRSPs, RRIFs, and SPPs

Download a copy of the Tax Matter Toolkits HERE. If you have any other questions or concerns about your financial and tax issue arising from your separation, contact SiLaw Group Family Lawyers and book your free consultation Here or calling us at (778) 381-9977.