We have 2 children, one who is her last year at cegep (in Quebec) and who is supported by my ex, and one who is 16 and resides with me in Ontario. I have been receiving spousal and child support since my move to Ontario. My ex-husband lives in Quebec. I am from Quebec but have resided in Ontario since Dec.2008. We just signed our separation in which I will receive a settlement which is coming from my ex's work pension. The form from his work says the monies must be placed into a RIRF or RRSP. He will still be paying me child support but no more spousal support. As a note we did all this through a mediator in Quebec. Is there a way I can receive the monies and not have to pay tax on it when I receive it? As well how can I withdraw from it without losing 30% of it to taxes that I would have to pay to the government as told to me from a banks "financial advisor" ? I have incurred debts from this separation that need to be paid; credit cards... and I would like to be able to invest in a condo so that the $1000 I pay in rent is not money down the drain. I have no other income except for spousal support and what I receive fro Ontario's child tax benefit. I am 51 and have not been able to work since my work accident in 2003 of which I was denied disability from the insurance I had paid into since 1983. (I was a nurse in Quebec), but that's another story. Can you give me any advice as it would be greatly appreciated.
Asked over 1 year ago in Kingston, Ontario
Categories:
Family Law
Tax
 |
 Quebec lawyer
|
In brief, child support has been defiscalized (meaning the person receiving it does not pay taxes on it, and the person paying it does not get a tax deduction for it).
Spousal support (if periodic) and the withdrawal of RRSPs are subject to taxes, however.
Depending on the circumstances, there may be a possibility of modifying the separation agreement - although this is not always a recourse. There may be other recourses if the agreement has not yet been homologated.
You can contact us for a more detailed review of your file.
Posted over 1 year ago
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