It's nice video with mix of theory and practical monetary examples. Pls. clarify as to taxability of support payments made after separation/divorce to ex-spouse/Common-Law partner and for supporting the child born of this relationship.
Spousal support payments are deductible by the spouse making the payments and must be included in the income of the recipient spouse. Child support payments are neither deductible by the payer nor taxable to the recipient.
Very useful information and the illustration makes the example that much easier to understand visually. Thoroughly enjoyed this video! one question about the RRSP transfer, can that be done even if the spouse does not have any RRSP contribution room for the amount to be transferred (as this is considered a "special case"?)
Great info but its extremely risky for any man to get married in Canada; divorce courts mostly favors Women. Men don't get married, it will lead u to financial ruin and u will struggle to even see ur kids.
It's nice video with mix of theory and practical monetary examples. Pls. clarify as to taxability of support payments made after separation/divorce to ex-spouse/Common-Law partner and for supporting the child born of this relationship.
Spousal support payments are deductible by the spouse making the payments and must be included in the income of the recipient spouse. Child support payments are neither deductible by the payer nor taxable to the recipient.
Very useful information and the illustration makes the example that much easier to understand visually.
Thoroughly enjoyed this video!
one question about the RRSP transfer, can that be done even if the spouse does not have any RRSP contribution room for the amount to be transferred (as this is considered a "special case"?)
Great info but its extremely risky for any man to get married in Canada; divorce courts mostly favors Women. Men don't get married, it will lead u to financial ruin and u will struggle to even see ur kids.