Going through a divorce can be one of the most difficult, costly, and stressful times in a person’s life. There is so much to think about, and income tax is often the last thing on your mind. It's helpful to know you have the right advisors on your side, looking out for your best interest when navigating through a divorce. Once your lawyer has drafted your separation agreement, don’t forget to have your accountant look it over, too. Sometimes a separation agreement can conflict with the Income Tax Act. The wrong wording in the agreement could be very costly in lost credits and deductions, and it can be expensive to go back and have the separation agreement changed after the fact.
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