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Old 01-05-2014, 02:10 PM
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<!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <wontGrowAutofit/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--> (iii) to pay or cause to be paid any and all outstanding income taxes for all years, up to and including each Year of Transfer; and


(iv) if the husband, as transferee of property, becomes liable under the Income Tax Act, including liability for income tax of the wife arising under Section 160 of the Income Tax Act, or any property acquired as provided in this agreement becomes charged for payment of any income taxes for which the wife was or is liable to pay under the Income Tax Act or any similar federal or provincial statute for Year of Transfer or any prior year, then the wife agrees to indemnify the husband and save him harmless with respect to such income tax liability which may be imposed upon him; provided that the wife will not be liable to indemnify the husband for any income tax liability of the husband arising under Section 160 that has arisen on account of income or taxable capital gains of the husband attributed to the wife by virtue of subsections 74.1(1) or 74.2 of the Income Tax Act for the period after execution of this agreement.
(3) The husband and wife each agree to execute and file, pursuant to subsection 74.5(3) of the Income Tax Act, with their tax returns for the year this agreement is executed, a joint election (in a form suitable for filing, as set out in Schedule "B" to this agreement) not to have the taxable capital gain attribution provisions of the Income Tax Act apply to dispositions of property by the husband and wife from and after the execution of this separation agreement.
<!--[if gte mso 9]><xml> <w:WordDocument> <w:View>Normal</w:View> <w:Zoom>0</w:Zoom> <w:PunctuationKerning/> <w:ValidateAgainstSchemas/> <w:SaveIfXMLInvalid>false</w:SaveIfXMLInvalid> <w:IgnoreMixedContent>false</w:IgnoreMixedContent> <w:AlwaysShowPlaceholderText>false</w:AlwaysShowPlaceholderText> <w:Compatibility> <w:BreakWrappedTables/> <w:SnapToGridInCell/> <w:WrapTextWithPunct/> <w:UseAsianBreakRules/> <wontGrowAutofit/> </w:Compatibility> <w:BrowserLevel>MicrosoftInternetExplorer4</w:BrowserLevel> </w:WordDocument> </xml><![endif]--> (4) The husband and wife further agree that if, for any reason, there is attribution of taxable capital gains between them under the provisions of the Income Tax Act or any similar federal or provincial legislation for the period after the execution of this agreement, the transferor spouse will be indemnified and saved harmless by the transferee spouse from any resulting increase in income tax liability.


(5) The husband and wife further agree that if, for any reason, there is income attribution between them under the provisions of the Income Tax Act or any similar federal or provincial legislation for the period after the execution of this agreement, the transferor spouse will be indemnified and saved harmless by the transferee spouse from any resulting increase in income tax liability.
38. FURTHER RELEASES
(1) Property:
Except as otherwise provided in this agreement, the husband and wife agree that:
(i) all their property has been divided between them to their mutual satisfaction;
(ii) each releases all rights to and interest in property owned by the other which he or she has or may acquire under the laws of any jurisdiction, and in particular the Family Law Act, including all rights to and interest in:
(a) ownership in property;
(b) possession of property;
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