Tax Free Savings Accounts And Family Law
[vc_row][vc_column][vc_column_text]March 9, 2009 By Brad Smith Most people have likely heard of the Tax Free Savings Account or TFSA. They became available January 1, 2009. A Tax Free Savings Account allows you to deposit $5,000 per year and grow without paying taxes. The deposit is not tax deductible. But none of the money withdrawn from the […]
Post Separation Changes In Value
[vc_row][vc_column][vc_column_text]February 27, 2009 By Brad Smith When married spouses separate, the property settlement (known as an equalization payment in Ontario) is based upon two dates: the date of separation and date of marriage. If an asset is owned by only one spouse, this normally means the owner spouse has the benefit, or burden, of an increase […]
The Children’s Fitness Tax Credit
[vc_row][vc_column][vc_column_text]March 11, 2008 By Brad Smith The Children’s Fitness Tax Credit became effective January 1, 2007. A parent may earn a credit of up to $500 for each child under the age of 16 years. If you use the entire credit, this represents a tax saving of $75.00 per child. An eligible program must be: ongoing […]
The Child Tax Benefit After Separation
[vc_row][vc_column][vc_column_text]February 26, 2008 By Brad Smith There are often changes that arise as a result of separation that may impact the amount of the Child Tax Benefit received. This includes that a child has started to live with you, a change in the family income or shared custody. If your spouse previously received the child tax […]
Deducting Legal Costs For Child And Spousal Support
[vc_row][vc_column][vc_column_text]February 11, 2008 By Brad Smith In certain circumstances a support recipient may be able to claim a deduction for legal costs incurred to pursue or collect child support or spousal support. The legal costs you incurred for the following reasons may be tax deductible: Legal costs incurred to obtain spousal support under the Divorce Act. […]
Support, Costs & Bankruptcy: Can A Payor Declare Bankruptcy To Escape A Costs Award?
[vc_row][vc_column][vc_column_text]February 5, 2008 By Fhara Pottinger Support costs and support are obligations that survive bankruptcy. Support is a hot issue in family law and this is unlikely to change in the near future. Occasionally parties who are ordered to pay support (“payors”) will declare, or be petitioned into, bankruptcy either in an effort to avoid paying […]
The Obligation Of A Step-parent To Pay Child Support
[vc_row][vc_column][vc_column_text]April 10, 2007 By Brad Smith There are a variety of relationships in the modern family. This includes children from prior relationships. When there is a separation, does the step-parent have an obligation to pay child support for his or her non-biological children? A court may order the step-parent to pay child support. If the parties […]
Child Support For Children Over The Age Of Majority
May 3, 2006 We are regularly contacted by custodial and non-custodial parents on the issue of child support for children who are over the age of 18. All of us want the best for our children, whatever their age. The decision of when to continue to assist a floundering child, maybe cut those apron strings […]
Child Support Guidelines Table Amounts
May 1, 2006 By Brad Smith The assessment of child support changed dramatically on May 1, 1997 when the Child Support Guidelines came into effect. The Child Support Guidelines have seen changes and amendments over the years. The most significant change came into effect on May 1, 2006 when the Tables were amended. The changes can […]
Child Support Guidelines Table Amounts Increase Effective May 1st
April 13, 2006 Canada’s Child Support Guideline table amounts will increase for the first time since implementation in late 1997. The increases are substantial, and vary depending on the payor’s income. Some examples? A support payor earning $45,000 per year, currently paying $387 per month for one child, will see support increased to $415 – […]