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TFSA spousal support/child support

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  • TFSA spousal support/child support

    My TFSA is worth 800k( went up from 80k to 800k as I bought stocks during COVID19 crash with are up 15-20x in value . I sold a few of these stocks and invested returns in dividend stocks in TFSA.Got audited by CRA and they cleared that this was not counted as business income .This TFSA earns Taxfree income of 90k through well timed and purchased dividend stocks now . Will this be counted as income for child and spousal support .Do I have to disclose TFSA gains after seperation date which was 3 yrs precovid.
    Any court precedents which can count this as income .Somehow one of my TFSA slips landed up at my exs home and her lawyers eyes are rolling in greed and they asked me to disclose TFSA current value after seperation date.Does this have to be disclosed or her lawyer is pulling off shit .

  • #2
    You have to disclose every asset and investment including your TFSA after the date of separation. You have to disclose everything, even an inheritance which is an excluded asset.

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    • #3
      Originally posted by Stillbreathing View Post
      You have to disclose every asset and investment including your TFSA after the date of separation. You have to disclose everything, even an inheritance which is an excluded asset.

      You also have to do a financial statement for court which shows all your assets.

      As noted before, if money was taken during the marriage and invested, it could be argued it is a shared asset despite the increase after separation:

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      • #4
        Originally posted by rockscan View Post
        You also have to do a financial statement for court which shows all your assets.

        As noted before, if money was taken during the marriage and invested, it could be argued it is a shared asset despite the increase after separation:
        Got it .
        I am sharing the value at seperation , I understand they can argue likewise in courts for constructive trust but the question is how far would those arguments go in court and could they impute a TFSA income to me .Any court precedents?

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        • #5
          Unless you quit your job and take less from your TFsA they cant impute an income from it. If you take annual amounts from it that would be considered income for child support purposes.

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          • #6
            Originally posted by rockscan View Post
            Unless you quit your job and take less from your TFsA they can�t impute an income from it. If you take annual amounts from it that would be considered income for child support purposes.
            Thank You

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