The desire to help our kids is lifelong. However, lending or giving money to your adult children can cause problems. Especially if it is not clear whether the money is a gift or a loan Many adult children need help with their down payment for a home. This makes a…
What qualifies as a support payment, and how it is taxed, are important issues. How support payments are defined affects your income (as defined by CRA), the amount of tax deductions you are allowed, and ultimately how much income tax you pay. Each person’s case is unique, and you should…
Excluded property in BC can be tricky. Generally, excluded property is property owned by one spouse prior to the relationship. Most times, this involves a house that one person bought before they married, or began living together. However, the term “excluded property” also applies to valuable art, inheritance, or other…
Legal fees are tax deductible in family law cases when they result in either child or periodic spousal support. However, only the part of your case that relates to support is tax deductible. For example, if your case involves obtaining a divorce, child custody, and child support, they only cost…
Financial Statements can be intimidating. For most people, this is the first time they have to swear an affidavit. The key thing to remember is to be honest. If you do not know the answer to a question, say so. They other thing to remember is that a Financial Statement…