Ottawa Divorce .com Forums


User CP

New posts

Advertising

  Ottawa Divorce .com Forums > Main Category > Financial Issues

Financial Issues This forum is for discussing any of the financial issues involved in your divorce.

Reply
 
LinkBack Thread Tools
  #11 (permalink)  
Old 10-17-2016, 06:46 AM
Junior Member
 
Join Date: Jun 2016
Posts: 11
catherine212 is on a distinguished road
Default

One other question - he has listed that he owes 3 years of taxes - both personal and HST. I asked for a statement showing the actual tax amount owing on the date of separation. He has given me a lot of CRA print outs but no actual statement of the amount owed on the valuation date - is this something that CRA will provide? I can't seem to find out. If you know, that would be great. (or if you know how tax owing on the v-day is calculated)
Reply With Quote
  #12 (permalink)  
Old 10-17-2016, 08:27 AM
Rioe's Avatar
Senior Member
 
Join Date: May 2010
Location: Ontario
Posts: 3,217
Rioe will become famous soon enough
Default

Quote:
Originally Posted by catherine212 View Post
No there are no documents stating any assets at the date of marriage - the entire document is a column of zeros until you get to the table that aggregates the totals for assets and liabilities on the date of marriage (Part 6 line 25) - there he puts in $150,000+ which is then carried over to the final page where there is a net family property table.
Strike it out and recalculate based on the numbers he did provide documentation for.

Quote:
Originally Posted by catherine212 View Post
As well, he is a self-employed architect - freelance really - no staff, no office - he insists that there is no value to his practice but will not provide a letter or document from an independent third party backing up this statement. Isn't he obliged to provide proof that there is either value or no value? So far it is only his word - he says he doesn't want to spend the money to have it valued when there is no value - how do I respond? Any ideas?
Ugh, self-employed. So many ways to hide assets and income. You may find the help of an accountant extremely useful.

And no business has no value or it would go out of business. Look up the business concept of goodwill. This is the 'value' placed on his reputation and ability to get clients. It is non-zero unless he's just started his career and is establishing himself. Has he always had steady work while you were married? The tricky part is that the value may not be worth the cost of the business evaluation. A consultation with an evaluator might be able to provide you with a ballpark amount early on, so you can decide if it's worth pursuing, or just saying you're willing to accept X amount as his business value.

Quote:
Originally Posted by catherine212 View Post
One other question - he has listed that he owes 3 years of taxes - both personal and HST. I asked for a statement showing the actual tax amount owing on the date of separation. He has given me a lot of CRA print outs but no actual statement of the amount owed on the valuation date - is this something that CRA will provide? I can't seem to find out. If you know, that would be great. (or if you know how tax owing on the v-day is calculated)
I'm sure CRA would happily provide a date of valuation amount for his taxes owing, as it's in their interests to have their debtors clearly aware of this amount! This would only be reliable IF he has accurately filed his taxes up to now though. He may not have filed for years and is just manufacturing a number (he seems the type based on what you are describing!) to inflate his debts.

It's on HIM to provide accurate, relatively easily understood, documentation that proves his amounts.

Tell him that you would be happy to skip the trouble and expense of accurately determining his back taxes AND his business valuation and assume they cancel each other out while you divide everything else fairly. If he balks, you'll know he's up to no good.

Only you know your ex-husband well enough to judge if he's a mathematically savvy sneaky type who is being dishonest yet again, or if he's a mathaphobe who has avoided doing all his accounting properly his whole career and this silliness is just a continuation of that. Has he always complained about his owing of taxes your whole marriage, or did he assure you he was paid up and is springing this on you now?
Reply With Quote
Reply

Tags
equalization


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
Equalization Payment Question North of 40 Divorce & Family Law 10 02-04-2014 10:17 AM
Equalization question leaffandad Financial Issues 3 11-25-2013 01:50 PM
Basic equalization question LastTime Financial Issues 1 10-03-2011 08:44 AM
Equalization Payment Calculation Question lyds Financial Issues 7 07-13-2010 12:21 AM
Investments in Equalization Question Neurotoxin Financial Issues 7 05-01-2010 01:03 PM


All times are GMT -4. The time now is 07:04 PM.