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
 
Thread Tools
  #1  
Old 10-19-2019, 06:36 PM
humanscale humanscale is offline
Junior Member
 
Join Date: Oct 2019
Location: toronto, ontario
Posts: 2
humanscale is on a distinguished road
Default how does tax liability at time of separation enter into equalization?

At time of separation I have already sold a bunch of stock this year, so I will have substantial capital gains taxes due come tax time. Won't this liability be included in the calculations? Even though I have a lot in my investment account, some of that essentially isn't mine to share with my ex because I have to fork it over April 30. Is there some way to pay the tax owing sooner to I don't have a total asset dollar figure inflated by realized but not-yet-taxed capital gains?
Reply With Quote
  #2  
Old 10-20-2019, 01:46 PM
ReFrame ReFrame is offline
Junior Member
 
Join Date: Apr 2018
Posts: 19
ReFrame is on a distinguished road
Default

Have you completed your Net Family Property Statement yet? Our 13B included notional taxes as outstanding liabilities. Not the exact situation you are describing, but perhaps a possibility?
Reply With Quote
  #3  
Old 10-20-2019, 02:14 PM
Kinso Kinso is offline
Senior Member
 
Join Date: Sep 2015
Posts: 124
Kinso is an unknown quantity at this point
Default

Taxes owning (even if not yet assessed by the CRA) are a liability that should be reflected in your financial statement.

Now, depending on the value of assets sold, your marginal tax rate and your spouses’ marginal tax rate, selling may not have been the best way to structure things. What’s done might be done, or maybe not. If we are talking about a lot of money ($100,000+) talk to your accountant/tax lawyer.

Even separating spouses can sometimes agree their mutual dislike for the CRA is higher then each other (sometimes...)
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


Similar Threads
Thread Thread Starter Forum Replies Last Post
Going through a terrible time accepting the Justice System PrincessKatie Divorce Support 11 06-26-2011 04:09 AM
Motion to Vary - Applicant's affidavit dickstacie Divorce & Family Law 4 02-17-2010 04:26 PM
Separation Date - Tricky Question Sandra Divorce & Family Law 2 05-19-2008 08:53 PM
Tax Time -- Separation Challenges lukas Financial Issues 11 04-04-2007 10:30 AM
Questions about legal separation mommyof2 Financial Issues 3 11-04-2005 10:26 AM


All times are GMT -4. The time now is 01:15 AM.