Blending or Relocating Your Family

Going through a divorce or separation is not easy.  Managing your finances can be challenging at the best of times, but the decisions made during transitional periods in your life will have the greatest impact on your overall financial picture.

What happens when you have assets in a joint account with your spouse, and you decide to separate these assets into individual accounts? Click here to learn about the tax consequences of separating these assets.

Wondering where to begin with new beginnings?  Being part of a blended family adds another level of complexity to your estate plan, and affects how your assets should be divided after your death.  Learn more about what else you should know before tying the knot for a second or third time.  

The breakdown of a relationship can have a number of legal, tax, and planning implications. The taxation of spousal and child support payments, and the taxation of dividing financial assets are just a few matters that may arise. Click here for some tips on developing a new estate plan post-relationship breakdown.

Dividing assets between you and your spouse may involve the transfer of certain property. Tax rules, called "attribution rules," apply when transferring property to a spouse to prevent income splitting. Click here to learn when separation or divorce nullifies these attribution rules, and when they may continue to apply, even after a relationship breakdown.

You're moving from Canada to another country - for employment opportunities, to support family, or perhaps you're just tired of all the snow. It's important to be aware of the tax and estate planning issues that may arise as a result of your move, and to take advantage of any planning opportunities to reduce or eliminate any tax implications.