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

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Old 07-08-2014, 01:28 PM
Henry Henry is offline
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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.
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