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
  #1 (permalink)  
Old 07-08-2014, 02:28 PM
Member
 
Join Date: Oct 2010
Posts: 39
Henry is on a distinguished road
Default 'Notional' Real estate tax.

I am in the closing stages of an amicable buy-out of my ex wife's interest of the property- in both of our names, no mortgage. We have agreed on the value of the home, then I read on this forum of 'notional' real estate tax deduction and did some research of my own confirming it. I put it to my lawyer, who agreed that usual amount of 5% be deducted from total property value, then divided by two and that amount (now 2.5%) taken off the amount that I pay my ex.
My ex agreed to this, then I see that her lawyer has added the 2.5% notional tax deduction to ex's 'debt' part of her financial statement thereby bringing it into the equalization equasion for it to now be halved again.
I countered by (as suggested by my tax lady) asking that, as this is a 'notional' tax, could I now include my half of this deduction also as a debt in my own Financial Statement to bring the ratio confirmed initially by my lawyer.
It may be noted that both of our RRSP's 'notional' tax (25%) was deducted on both of our Financial Statements as part of the equalization.

My question is ,which lawyer is correct ?

Thank you.
Reply With Quote
Reply


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
are buys outs minus real estate fees dadontherocks Financial Issues 14 01-13-2014 11:59 AM
Real estate agent or tax assessment for valuation? Henry Divorce & Family Law 10 12-16-2013 02:54 PM
"Notional" Real Estate Commission on Equalization Payment? fishingdad Financial Issues 11 10-22-2010 03:44 PM
Real estate commissions - matrimonial home donnel8 Divorce & Family Law 2 09-04-2010 07:23 PM
Are family LAw Lawyers allowed to participate in a real estate sale McBroke Divorce & Family Law 1 05-25-2007 11:38 AM


All times are GMT -4. The time now is 01:46 PM.