Don’t Leave Thousands of TAX Dollars on the Table in Your Divorce

It’s critical to negotiate tax return issues in your agreement! At such an overwhelming time in our life, we could certainly use compassion and sensitivity but Canada Revenue Agency has become hyper focused on ensuring divorcing taxpayers are following the rules so you want to ensure that you consult an expert. If you have always prepared your own tax return, DON’T anymore. Returns for separating and divorcing taxpayers are much more complicated. There are thousands more dollars available in savings when you are a single parent. The issues surrounding tax deductions, credits and benefits MUST be correctly addressed and negotiated. The answers are not always straightforward. We get many questions surrounding separation/divorce and filing your tax return:

• Should I file as separated?
• Can I deduct spousal support payments if I don’t have an agreement?
• Do I qualify for the Canada Child Tax Benefit?
• Who is going to claim the children and claim those tax savings?
• What happens in a shared parenting arrangement?

The income tax act is “king”. It is crucial to negotiate and agree to all of these issues during your divorce negotiations so you are prepared to meet the “Tax Man” head on.

If you would like a copy of our ‘Tax Return checklist’ or the list of ‘Tax Items to include in your agreement’, please email Sharon@AlbertaDivorceFinances.com or CalgarysChoiceTaxServices.com