Collecting Child Support

The unfortunate reality is that many primary care parents find themself without child support that should have been paid years ago. Often times it starts when the paying parent is off work and the whole thing never gets straightened out.

It is important to be aware that the clock is running and that you need to make sure you collect any amounts owed before your child/children is no longer considered a child (finished school typically). Once the children are no longer children Courts will not be as helpful with collecting the amounts owed as the money is no longer going to benefit the children.
If your child's other parent isn't paying what they should be, there are a number of thing that you should do to ensure that you will eventually get paid. Speaking with a lawyer can help you to understand what you need to do.

Same Sex Co-Habitation

It is important to realize that living with a partner brings with it a number of possible rights and obligations. Specifically, living with someone may bring with it "common-law" rights in relation to spousal support, and/or child custody, access and support rights affecting children either one of you have from previous relationships.

It is important to speak with a lawyer before you move in together so that you understand the possible implications and both of you can make informed decisions about whether you should have a co-habitation agreement.

Keeping More Money in Your Hands from Your Small Business

Current economic conditions provide a great opportunity to do some estate planning if you own a business that you intend to leave to your children.

Today's economic climate means that the dollar value of many of your business assets and your business itself are likely a little lower than they have been in the past, and lower than they will be in the future. If this is the case, an Estate Freeze and a Family Trust may provide a great opportunity to maintain control of the business while passing on the future growth to your children at a time when you can reduce the tax implications.

Speak to your accountant and a lawyer to discuss whether this is an opportunity that would benefit you and help to keep more money in your family's hands.

Getting advice and planning how you want to transition your business is typically more cost effective than allowing the assets to form part of your estate.

Think About Incorporation

For those of us who are self-employed, it is the time of year that we start looking at how our business has done this year and how much tax we will have to pay.

If your taxable income generated by your business is over $60,000 per year, you should consider whether incorporating your business is a good option for your situation. Incorporation offers opportunities to save income tax whether you continue to claim all of the income personally, or whether you want to income split with a spouse. If also offers opportunities to save about 20% on the money you are putting away for retirement.

So if you or your spouse is self-employed and you would rather save money to take a vacation instead of paying it in income tax, consider incorporation as an option and speak to a lawyer.

While care has been taken to ensure the information contained herein is accurate, the information provided is based upon the laws of Nova Scotia and is supplied for general interest purposes only. It is not intended, nor should be considered to be specific legal advice or opinion.

Last Revised by Philip Whitehead, September 23, 2011.