They say that two things in life are inevitable: death… and taxes. Filing your taxes is seldom a straightforward process, and couples going through separation and divorce face potentially complex tax implications.
The Canadian Bar Association Family Law Section has released a helpful, free resource for those navigating this difficult time. Tax Matters Toolkit: Separation and Divorce is a quick but thorough overview to working with the tax system and important Canadian Revenue Agency (CRA) forms for separation and divorce.
The Toolkit includes information such as: thinking about the tax consequences of separation and divorce; keeping documentation such as receipts for tax purposes; getting advice from family law lawyers, income tax specialists, and accountants; and definitions of key terms. There are also guides for filling out important CRA forms related to changes in marital status, support payments, and RRSPs, RRIFs, and SPPs.
The CBA’s new Toolkit is a valuable resource that we encourage all dispute resolution professionals to recommend to their clients. We certainly will!
