Articles on Family Law
Tax Free Savings Accounts and Family Law
Brad Smith
March 9, 2009
A Tax Free Savings Account (TFSA) 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 But none of the money withdrawn from the TFSA is taxed. As a savings strategy, the TFSA could become very valuable over time.
Will a TFSA be an asset if a couple separates and should it be valued?
Post Separation Changes In Value
Brad Smith
February 27, 2009
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 or decrease in value of the asset after the separation.
The Children's Fitness Tax Credit
Brad Smith
March 11, 2008
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 $77.50 per child.
The Child Tax Benefit After Separation
Brad Smith
February 26, 2008
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 benefit, you may be eligible for the Child Tax Benefit if, after separation, you now have care and control of the child. You should apply for the Child Tax Benefit.
The Child Tax Benefit is based upon the family net income. For example, the family net income of a two income household will be reduced after separation. This will result in an increase of the Child Tax Benefit or receipt of the Child Tax Benefit when none was received previously...
Deducting Legal Costs For Child And Spousal Support
Brad Smith
February 11, 2008
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:
Support, Costs & Bankruptcy:
Can A Payor Declare Bankruptcy To Escape A Costs Award?
Fhara Pottinger
February 5, 2008
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 support, or because of other debts. Bankruptcy legislation protects the support obligation. Therefore, the payor is still obligated to pay support to the party receiving support (the “recipient”) even though they have declared bankruptcy. However, were you aware that a costs award may also be protected from bankruptcy?
The Obligation Of A Step-parent To Pay Child Support
Brad Smith
April 10, 2007
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?
Child Support For Children Over The Age Of Majority
Deborah Humpreys
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 or determine how much of your financial resources you can invest in your successful and brilliant child’s future, is a difficult emotional and financial decision for many families. The problem can become acute if the parents disagree on what is in the child’s best interests.
What are the rights of a recipient to collect support for a child and the obligation of a parent to contribute support to their “adult” child?
Child Support Guidelines Table Amounts Increase Effective May 1st
Weilers
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.
Retroactive Child Support
Weilers
April 12, 2006
The hottest topic in family law right now is the issue of retroactive child support. The Supreme Court of Canada is currently reviewing the issue, after hearing argument in February of this year.
The issue has been constantly before the courts of all provinces since implementation of the Federal Child Support Guidelines in 1997. The guidelines obligate a payor spouse to disclose income to the recipient parent, and pay child support based on those guidelines. The guidelines do not, however, make changes to support automatic as income increases, or decreases.
What happens then, if the payor’s income has gone up significantly, but child support has not?
Must Both Spouses Be On The Title To Their Home?
Paul Jasiura
October 21, 2005
It is legally possible in Ontario to have the home put into one spouse’s name alone, even though they are married. Of course, the mortgage will be in one name alone in that case.
The question then arises: will one spouse have the financial horsepower with the Bank to take on the mortgage on his or her own, or will the approved amount of your mortgage loan also require the Bank to take into account the amount of the other spouse's earnings?
