Getting divorced? The top tax considerations to take into account

While going through divorce can be tough emotionally, it can also be difficult financially.

Silvia Jacinto, tax partner at Deloitte, said there are three different tax consequences couples should take into consideration when it comes to breaking up.

In an interview with BNN Bloomberg on Wednesday, Jacinto said the first thing Canadians should do when getting a divorce is note the exact date they started living apart.

“The Canada Revenue Agency will consider a couple to be living separate and apart from each other after 90 days apart, and it’s going to be important to establish that each former spouse has been maintaining a separate residence,” she explained.

“To this end, it’s important to keep copies of any lease contracts for your new residence and utility bills as proof that you’ve changed your address, any notifications to insurance companies, etc, to prove that you have changed your principal residence address.”

Jacinto added that partners should be aware of the different tax consequences that will impact their child and spousal support, income and properties after a split.

For an in-depth look on how your taxes will be impacted after a divorce, check out the full video at the top of the article.