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

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  #1  
Old 03-12-2014, 10:47 AM
Helpinghands Helpinghands is offline
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Default Income disclosure for self employed?

I need information on what can we ask for income disclosure from a self employed . We received the tax return for last year but party gave tax return in their name. Party had disclosed last year that they are self employed too. We don't have any information on the business .

Other party has to adjust support for children based on their income and with the tax return in their name this will go down drastically , because obviously the other party has income coming from business and that is not included in the calculation.
I know we can ask for their income tax return but that will not be their true income as they can show expenses and bring their income down.
The other party listed their spouse income around 95,000 and we suspect that the spouse is being claimed to be working for the business.

Please help us from what disclosure we need from the party to get full income amount.
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Old 03-12-2014, 12:23 PM
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arabian arabian is offline
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Invoices & statements generated to client(s) or paystubs (proof of income)
Original expense receipts
Detailed and complete GST/HST quaterly or annual filing
Business Financial Statement (if available) and/or General Ledger indicating chart of accounts
CRA source deduction annual summary (payroll)
WCB annual statement (payroll)

I had this put into our divorce judgement and information has to be provided to me on an annual basis.
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Old 03-13-2014, 02:07 AM
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OP: This thread may be useful to you that I just posted:

http://www.ottawadivorce.com/forum/f...nancial-17239/
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Old 03-18-2014, 11:07 PM
Helpinghands Helpinghands is offline
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Thanks for the responses! It has truly helped us.
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Old 11-20-2014, 12:54 AM
Headwaters1 Headwaters1 is offline
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Reactivating this thread...I am on the other side as a self employed.

The company has nine employees and I have a partner in the business. The other side is asking for every bank account and credit card statement...

I am happy to provide my personal account details and I am happy to provide all corporate tax documents and income statements and balance sheets.

I hired a certified evaluator at a cost of $3k to looks over the books and provide a valuation. He has written a hefty and detailed report.

it just seems to me that asking for all individual transactions is digging a little too deep...

Anyone have a sense of where the line is on this?
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