Home Buyers Plan Repayment in Divorce
Separating? Your HBP withdrawal balance is a personal debt that needs to be addressed during divorce. While you're not automatically responsible for your spouse's HBP repayment, it's part of the #NetFamilyProperty calculation.
Get clarity on your #RRSP withdrawal obligations during #divorce.
Learn more: https://to.dtsw.ca/SmartDivorceHomeBuyersPlan
So your #marriage is ending and you're wondering if your secret chocolate fund is now half theirs? The #divorce world of #financialdisclosure can be wickedly confusing. Those pre-marriage savings? Not automatically shared property in Ontario! But value increases during marriage? That's fair game for #equalization.
Navigate the murky waters of #netfamilyproperty without drowning.
So your marriage crashed and burned, but what about that RRSP withdrawal you used to buy your dream home? Turns out that #HomeBuyersPlan debt doesn't magically transfer to your ex in a divorce!
That tax-free RRSP withdrawal needs repayment over 15 years, and it's considered in your #NetFamilyProperty calculation during separation.
Navigating #divorce #finances in Canada just got more complicated!
Divorce the Smartway
Ken Maynard CDFA Acc.FM