BC Family Law Resource
0 FOLLOWERS
This blog provides updates on important developments in family law in British Columbia and news about changes to the legislation, court procedures and court rules applicable to family law cases and is curated by Collaborative Divorce Vancouver
BC Family Law Resource
1y ago
Can Collaborative Lawyers be Found Negligent For Not Setting A Trial Date?
by Rena Chen and Jennifer Lin
In the recent decision Banh v Chrysler, 2022 BCCA 74 (“Banh v Chrysler”), the Court of Appeal overturned the trial judge’s finding that it would be significantly unfair to divide property equally.
The husband owned 3 rental properties in his sole name that experienced a significant increase in value after the separation. The husband was solely responsible for his rental properties.
The parties were married on August 9, 2014, started cohabitating ..read more
BC Family Law Resource
1y ago
The 2023 Federal Budget means changes to RESP rules for separated/divorced couples.
By Jennie Weeks
Divorced or separated parents can now open a joint RESP. But is this a good idea?
At present, only spouses or common-law partners can open a joint RESP. Parents who opened a joint RESP before their divorce or separation can maintain this plan afterwards but cannot open a new joint RESP.
Budget 2023 proposes to enable divorced or separated parents to open joint RESPs for one or more of their children or to move an existing joint RESP to another promoter.
What is the impact on se ..read more
BC Family Law Resource
1y ago
Family Law Tax Matters Toolkit for Clients & Lawyers
by Anonymous
In Collaboration with Justice Canada, the Canada Revenue Agency and Finance Canada, the Canadian Bar Association has updated their popular Tax Matters Toolkits. These documents are useful for clients going through separation and divorce. The documents also help family law lawyers understand how tax rules might affect a client's future finances on separation or divorce. Various tax credits, benefits and deductions are described.
More specifically, here is what is covered in each Toolkit:
Tax Matters Toolkit (for cl ..read more
BC Family Law Resource
1y ago
Tax Tips for Separated Families
by Jennie Weeks
Did you know that when you receive spousal support, it creates RRSP contribution room!
Yes, it's true. It’s considered ‘earned income’ and is taxable in the hands of the spouse who receives the spousal support and tax-deductible to the spouse who pays the support.
This is especially relevant to a spouse who has no other earned income as they have no other way to create RRSP contribution room.
If you are receiving spousal support, there is an opportunity to contribute to an RRSP to reduce your taxable income. Up to 18% of your s ..read more
BC Family Law Resource
1y ago
Tax Tips for Separating Families
by Jennie Weeks
Qualifying Payments for Spousal Support during and after separation.
For many couples’ separation is a financial wake-up call. Dividing income and assets and funding two households usually means there are fewer resources to go around. As a Financial Specialist, I try to find ways to help families retain as much of their family resources as possible. Understanding how separation changes your tax status can save you money and even impact how you divide your assets.
Here is one helpful tip especially for a family with a large income ..read more
BC Family Law Resource
1y ago
Tax Tips
by Michelle Kooy and Jennie Weeks
The unravelling of a relationship often requires the assistance of a legal professional. As tax season approaches, you may want to consider if some of the legal fees you have paid to date are eligible to be deducted from your income. Where a recipient spouse has a right to receive support payments from the other spouse, there are some limited circumstances in which some of the recipient’s legal fees paid may be deductible. Unfortunately, the same is to not true for a payor spouse or for other general legal fees paid to obtain a divorce.
If ..read more
BC Family Law Resource
1y ago
The Canada Child Benefit (CCB) and Separation
by Graham Laschuk
Most people know about the Canada Child Benefit (CCB). It is a monthly, tax-free payment made to low or middle income families with children under 18. The amounts are not small – for example, if family income is about $33,000, you can get the maximum CCB of nearly $7000 per year for each child under 6 and about $6000 for each child 6-17 years of age. Naturally, as family income increases, the amount of CCB decreases. The payments go to the person who is “primarily” in charge of the care and upbringing of the child.
When ..read more
BC Family Law Resource
1y ago
Money is Not a Numbers Game
by Tracy Themes
As a financial advisor with a background in psychology, I can tell you with confidence that money is not about the numbers.
If wealth was about numbers, our richest citizens would be accountants and math professors. And though a few of them are billionaires, they would certainly not be the major players on Forbes annual list.
I have spent my career studying the question, ”Why are some people rich and some people poor?”. And this quest continues to both inspire and perplex me. And even at this stage of my professional journey, I am more ..read more
BC Family Law Resource
1y ago
Single Mom with Teenagers – Advice on How to Avoid Becoming One and Tips if You Are!
By Renee leNobel
There have been memes regarding teenagers before the word “meme” existed.
The one that I recall seeing on little plaques in bookstores and novelty shops:
“Teenage grandkids are every grandparent’s secret revenge on their own teenagers.”
I don’t think my parents need revenge against me; I was a saint. So, it’s not karma that has turned me into a single mom to two teenage boys; it’s just how my life turned out. And while being a single parent was never my life’s aspiration ..read more
BC Family Law Resource
1y ago
by Tracy Theemes
No one really wants to be left alone, rejected or abandoned. And yet there is a certain inevitability of this happening to us. First of all, the reality is that all partnerships end. Whether through the dissolution of a relationship or death, our relationships are terminal. This reality is another of those “I just don’t want to think about it” truths. It is difficult enough to risk dependence and emotional exposure with someone -- but to grapple with a relationship ending as it begins, is terrifying. And yet. What would happen if we accepted this and negotiated our way ..read more