At Lowther Family Law, we help our clients in British Columbia deal with the division of business assets. Business assets bring many unique considerations with them. For instance, if one spouse holds these assets, they may still be considered a family asset if the other spouse made a direct or indirect contribution to the acquisition or management of the business asset, and this includes contributions such as effective household management or child-rearing responsibilities. Lowther Family Law also works with a group of respected, qualified professionals such as accountants, appraisers and business valuators, should they be needed to successfully resolve your case.
In the case of RRSPs, the Income Tax Act provides a "rollover" permitting RRSPs to be transferred from one spouse to the other without income tax becoming payable. However, a court order or written separation agreement is required by Revenue Canada. It is always best to obtain legal advice when substantial assets are involved.
Ultimately, it is the Supreme Court which has the jurisdiction to deal with the division of family property. Be sure to familiarize yourself with the divorce court process. If you have questions, or would like to learn more information, please contact us today.
Note: The information provided above is general information only and is provided as a public service. For detailed information and advice with respect to your specific circumstances, please contact our office for an appointment.