Marriage Breakdown Can Be Taxing

March 30, 2023 | Vito Finucci


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Sun Life put out an excellent piece outlining what happens tax-wise upon a marital breakdown. Some common questions it answers:

  • What does marriage mean from a tax perspective?
     
  • From a tax standpoint, what constitutes a separation?
     
  • How is the division of matrimonial property treated for tax purposes? Including:
    • Spousal support
    • Child support
    • Custody
    • Debt obligations
       
  • Who pays the tax subsequent to a rollover?
     
  • What are some notable planning considerations for assets typically subject to division?
    • Pensions (Defined Benefit and Defined Contribution)
    • Matrimonial home
    • TFSAs
    • RESPs (although this is changing with the budget)
    • Non-registered investments
    • Life insurance


Here is a link to the PDF

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