The financial information you are obligated to disclose to the other side comes in two forms. The financial statment which is a snap shot of your accounts, and then that's followed up the the financial disclosure.
People new to divorce, can be immediatly "put off" when they are asked to disclose not just their financial information, but the volumous body of back up material that for starters would include every statement for every account for the previous 3 years. It's a lot. And people may cry out that its violating their privacy!
Ontario Family Law expects financial transparency, and there can be significant consequences for resisting obligation. Thing of it this way, as a married couple, you have no right to financial privacy; you are a single financial entity that has a right to the whole picture for both sides. And to properly disentangle your finances, you need to be transparent.
The Ontario Family Law rules spells out at a basic minimum what you are expected to disclose top back up the financial statement.
For a New Application or Answer
A copy of every personal income tax return (ITR), including any materials that were filed with the return for each of the 3 most recent years.
A copy of every Notice of Assessment (NOA) and reassessment issued to you for each of the 3 most recent years.
If you are an employee, often referred to as a T4 employee, confirmation of total earnings paid in the year to date, including overtime. This is easily accommodated by supplying the latest pay stub for most payroll companies such as ADP. Or where such a statement is not provided by the employer, a letter from the employer setting out that information including the annual salary or compensation.
If you are self employed, for the 3 most recent years,
The financial statements of your business or professional practice, other than a partnership, and
a statement showing a breakdown of all salaries, wages, management fees or other payments or benefits paid to or on behalf of, persons or corporations with him the parent or spouse does not deal at arm's length.
When you receive income from employment insurance, social assistance, a pension, workers compensation, disability payments or other sources (including CERB and other benefits), the most recent statement(s) that show the total amount of income received during the current year or, if such a statement is not provided, a letter from the appropriate authority providing this information.
If you are in a partnership, confirmation of your income and draw from, and capital in, the partnership for its 3 most recent years.
If you control a corporation, for its three most recent years,
The financial statements of the corporation and its subsidiaries, and
A statement showing a breakdown of all salaries, wages, management fees or other payments of benefits paid to, or on behalf of persons or corporations with whom the corporation, and every related corporation, does not deal at arm's length.
If you are a beneficiary under a trust, a copy of the trust settlement agreement and copies of the trust's 3 most recent financial statements.
In Addition to the Financial Statement Backup
You should an anticipate an additional financial disclosure. That financial disclosure often contains the following, but could contain more:
Statements for the previous 3 years for every account you've held
Any mortgage application
Any loan applications
Any rent/lease applications
A credit report
Confirm the Disclosure
After you've disclosed the documents above. I like to keep a running "live" document that gets updated as disclosures are made. You certify to the court that you've done the disclosures (which in turn helps keep everyone organized) by:
Serving a Certificate of Financial Disclosure (Form 13A) along with the financial statement and financial documents on the other party
Filing the Certificate of Financial Disclosure with the court no later than
6 days before a case conference, in the case of the applicant or the party making the motion, as the case may be, and
4 days before the case conference in teh case of the other part.
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