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Difference between revisions of "Spousal Support"
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→Taking taxes into account
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#the payor could simply pay the tax owing by the recipient when the recipient files his or her tax return. | #the payor could simply pay the tax owing by the recipient when the recipient files his or her tax return. | ||
When someone pays more support, the recipient must put the extra amount aside for tax time, or his or her bill to the Canada Revenue Agency will just be that much higher. Since it can be a bit difficult to figure out how much money the recipient will have to pay in taxes, you might want to | When someone pays more support, the recipient must put the extra amount aside for tax time, or his or her bill to the Canada Revenue Agency will just be that much higher. Since it can be a bit difficult to figure out how much money the recipient will have to pay in taxes, you might want to talk to an accountant to get the number right. | ||
When someone agrees to pay the taxes owing on account of the spousal support and the recipient has other sources of income, it can be very difficult to figure out exactly how much of the recipient's tax bill results from his or her receipt of spousal support. This is another good time to hire an accountant. | When someone agrees to pay the taxes owing on account of the spousal support and the recipient has other sources of income, it can be very difficult to figure out exactly how much of the recipient's tax bill results from his or her receipt of spousal support. This is another good time to hire an accountant. | ||