My question is: Canadian-specific
QUESTION: I am at the final point of signing the negotiated terms of the
division of assets through my divorce. This question is related to two
properties. I currently (rent) reside in Vancouver BC and I lived in Alberta
up to April 2004. I shared a primary residence in Alberta with my husband
that was purchased by him before our marriage and remains entirely in his
name. We have a rental investment property in Alberta in both our names.
Husband is keeping the rental property resulting in my share of the asset
and a taxable rate of 34%. Am I better off claiming this in BC as part of my
income? My salary was less when I lived (a student) in Alberta and property
value is set at April 2004. I am receiving a portion of the primary
residence's equity from the time I lived in the home which is considered
already taxed. Are there any other deductions related to divorce I can claim
that would offset the capital gains tax on the investment property?
Any advice you can give would be great! Thanks.
