YULECTURE #4-Matrimonial Issues and Taxation,October 4, 2007

YULECTURE #4-Matrimonial Issues and Taxation,October 4,...

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1 LECTURE #4-FINANCIAL PLANNING Today’s Agenda 1. Current topic/Articles 2. Mid-Term Exam-October 14, 2007, 2-5 pm, VH B 3. Chapter #4-Problem #1 4. Chapter #5-Family Law Legislation Covering Separation, Divorce, Support and Division of Property. 5. Chapter #7-Introduction to Personal Taxation. 6. Taxes on Investment Income-CGA Booklet,Pages #41-48. 7. Next Week’s Homework-Chapter #8 (Income Tax Planning), Problem #1 and #4. Read CGA Tax Planning
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2 Chapter #5-Family Law Applicable Legislative Acts: Federal Divorce Act, Provincial Family Law Acts Federal & Provincial Income Tax Acts, Succession Law Act. Separation vs. Divorce Separation Agreement or Contract Legally, still married but agree to live separate lives, as agreed to in contract. Each province has it’s own Family Law Act. This act deals with various aspects of marriage breakdown and ending the relationship. The two most contentious issues in this agreement are financial disclosure and custody and access rights to the children.
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3 Family Law-Continued Divorce -Can only be granted by a court upon application by the petitioner. Governed by the Federal Divorce Act, and, once granted, does end the marriage. Grounds for Divorce: 1. One year voluntary separation (by far the most common); 2. Adultery; or 3. Husband or wife subjects the other to physical or mental cruelty. The process starts when one party petitions the courts to dissolve the marriage.
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4 Family Law-Federal Jurisdiction Federal Jurisdiction The Federal Divorce Act grants the court power on all subjects relating to the dissolution of the marriage, except one-Division of Property, which is a provincial responsibility. The Divorce Act only applies to married couples. However, the Federal Income Tax Act takes a much broader view of spouse-it’s any one who has married, cohabitated in a relationship for more than one year, or have had a child together if they have lived together for less than one year.
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5 Family Law-Provincial
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This note was uploaded on 10/16/2011 for the course ADMS 3541 taught by Professor Staff during the Fall '10 term at York University.

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YULECTURE #4-Matrimonial Issues and Taxation,October 4,...

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