Getting divorced? The top tax considerations to take into account

While going by means of divorce could be robust emotionally, it may also be tough financially.

Silvia Jacinto, tax accomplice at Deloitte, stated there are three totally different tax penalties {couples} ought to think about relating to breaking apart.

In an interview with BNN Bloomberg on Wednesday, Jacinto stated the very first thing Canadians ought to do when getting a divorce is observe the precise date they began dwelling aside.

“The Canada Revenue Agency will consider a couple to be living separate and apart from each other after 90 days apart, and it’s going to be important to establish that each former spouse has been maintaining a separate residence,” she defined.

“To this end, it’s important to keep copies of any lease contracts for your new residence and utility bills as proof that you’ve changed your address, any notifications to insurance companies, etc, to prove that you have changed your principal residence address.”

Jacinto added that companions ought to pay attention to the totally different tax penalties that may affect their baby and spousal assist, earnings and properties after a break up.

For an in-depth look on how your taxes will probably be impacted after a divorce, try the total video on the high of the article.