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

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  #11  
Old 08-25-2014, 08:28 PM
MS Mom MS Mom is offline
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Quote:
Originally Posted by rockscan View Post
Yes my accountant friend told me its more beneficial for her to carry forward all tuition until after graduation but theres no reasoning with her right now. Anything dad suggests, if its not in moms benefit, kid wont agree. But then the other factor is mom has never claimed any tax deductions on her taxes since the divorce. So we were hesitant to include tax deductions but divorcemate calculates it all, cs included so thats why we went with that. But when his % goes up he wants to do retroactive pay for the post secondary costs.
If your accountant friend told you it was more beneficial to carry the deduction forward, why did you seek advice from a lawyer? I'm not sure why your accountant friend didn't include this very basic CRA information in the advise in the first place? You can't know about carry-forward and not know that the child takes the tax credit.

Trying to take into account everything before anything happens isn't productive at all. The "child" is an adult, and doesn't have to follow dad's suggestions or mom's. It's pretty much up to the adult child whether to transfer this credit or carry it forward. Perhaps the child is better versed in tax rules than the parents and isn't doing things to "spite dad", but because they're correct?

When his percentage of the post secondary costs changes based on his income, then he increases/decreases the payment. All this pre planning based on what-ifs is fruitless.
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  #12  
Old 08-25-2014, 08:43 PM
rockscan rockscan is offline
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No shes already stated she'll give everything to mom and to stop telling her anything. The lawyer just calculated everything including cs while away at school in the software and drafted the letter. When he gets a job and amounts go up he'll go back with the number but not take into account the tax like other s7. If mom ends up claiming he'll deal with that for next year.
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  #13  
Old 08-26-2014, 08:20 AM
Berner_Faith Berner_Faith is offline
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It seems like that you are arguing over if a very little amount. Most likely less than you are paying a lawyer to draft letters. Maybe the reason daughter is acting that way is because Dad keeps bugging her about it.
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  #14  
Old 08-26-2014, 08:55 AM
rockscan rockscan is offline
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No thats not the case. I asked a question about calculating the net cost. The lawyer told us one thing and I was asking about it here. I got my answer and the cost will be recalculated accordingly when income goes up. And the letter included a response to a bunch of things including post secondary. Dad doesnt bug her about anything. Daughter called to rant at him about having to pay part of tuition cost when she felt her parents should pay all of it and he should give her moms money back.
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  #15  
Old 08-29-2014, 01:15 PM
OrleansLawyer OrleansLawyer is offline
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An idea that some people follow up with, if the parents have a good relationship:

Take the amount of tuition and divide it pro rata based on income.

Next year, when you disclose your income tax returns (as you should), you see the tax benefit from the schooling. The parents agree that any tax credits are shared equally (ie, whoever got them pays half to other parent) and deductions are shared as at the average tax rate for that parent.

It relies on a spot of honesty (and perhaps tax return literacy) from both parents, but is doable for some people without needing calculations in advance (since you share the benefits as you receive them).

It can also be helpful if the parents use the same accountant to help them maximize the tax benefits.
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