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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 10-19-2019, 05:36 PM
humanscale humanscale is offline
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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?
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Old 10-20-2019, 12:46 PM
ReFrame ReFrame is offline
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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?
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Old 10-20-2019, 01:14 PM
Kinso Kinso is offline
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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. Whats 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...)
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