2,667
edits
Difference between revisions of "Property and Debt in Family Law Matters"
Jump to navigation
Jump to search
Property and Debt in Family Law Matters (view source)
Revision as of 23:29, 18 May 2013
, 23:29, 18 May 2013→Tax issues
| Line 229: | Line 229: | ||
*the profit realized from the sale or transfer of real property that isn't the family's principle residence. | *the profit realized from the sale or transfer of real property that isn't the family's principle residence. | ||
When you report this sort of income in your tax return, the | When you report this sort of income in your tax return, the [http://www.cra-arc.gc.ca/menu-eng.html Canada Revenue Agency] considers it to be taxable income, income that may be taxable at different rates. | ||
The purpose of this part of this section is to alert you in a general way to the possibility that there may be tax implications as a result of family property being divided, and that there are sometimes ways to avoid this sort of unfairness. This is, however, a complex area of family law, and if you have a problem of this nature, you really should get the advice of a lawyer who specializes in tax issues; store-bought or online tax software will not identify these issues. You probably don't want to pay any more tax than is absolutely necessary! | The purpose of this part of this section is to alert you in a general way to the possibility that there may be tax implications as a result of family property being divided, and that there are sometimes ways to avoid this sort of unfairness. This is, however, a complex area of family law, and if you have a problem of this nature, you really should get the advice of a lawyer who specializes in tax issues; store-bought or online tax software will not identify these issues. You probably don't want to pay any more tax than is absolutely necessary! | ||