Form 13: Financial Statement
|1. Your Information|
|The first set of questions asks for details about you, including your name, mailing address, where you live, information about your lawyer, if you have one, and your spouses information (put in the box labeled Respondent).|
Please put your court file number at the top of each page.
|Tip: It is very important that you and your partner share all your financial information honestly.|
|2. Employment Information|
|This set of questions asks you about your employment information. Fill out whether you are employed and the name of your employer, self-employed and the name of your business, or unemployed and the last date you were employed.|
|3. Attached Documents, Gross Income|
|You will need to mark ☒ for which documents you are able to give the court. Please attach all that you have. |
You will also need to state your gross income (income before tax deductions). To find this, look at line 15000 of your income tax return or notice of assessment from the Canada Revenue Agency.
|4. Attached Documents, Notices of Assessment|
|You will need to attach (by stapling to the back of this form) |
1. a copy of your income tax return for the last 3 years AND
2. a copy of your notices of assessment or reassessment for the past 3 years.
To find this information, go to the Canada Revenue website ‘My Account for Individuals’ and login.
You will find your most recent notice of assessment or reassessment in your email inbox.
If you cannot login or do not know how to login please call Canada Revenue Agency at its toll free number 1-800-959-8281 to ask for a copy of these documents.
If your notice of assessment or reassessment is unavailable or you have not filed a return for the last 3 years you can call the CRA to get an “Income and Deductions” printout.
If you are an Indian within the meaning of the Indian Act (Canada) and you have not filed income tax for the past 3 years, you can provide proof of income by attaching documents that show:
– Receipts showing payments
– Emails describing payments
– Self-generated invoices
– E-transfers for work done
– Bank statements with payment deposits
– Notes recording payment (cash)
|Tip: Redacting your personal information. |
If you do not want your spouse to know your address you can redact your address. Your address is listed on your personal income tax. Your can redact your address with a black marker.
If you create a black box on adobe please keep in mind that it can be removed electronically.
|5. Income Source|
|You will need to look up your T4, previous year’s tax form, and any other ways in which you receive money each month (ie WCB, EI, ODSP, Pension, Tax Rebates, RRSP withdrawals, investment income). |
For payments that you only receive yearly, please divide the payment by /12 to get the monthly amount to fill in. You will need to state your total monthly income from all sources.
|Tip: What if your income has changed since last year? Sometimes circumstances like a period of sickness or disability can change your income in a way that does not reflect your usual annual income. If you are unsure of what your finances will look like going forward remember that you should always submit a new financial form whenever your financial situation changes.|
|6. Other Benefits|
|If your employer gives you any other benefits like insurance, medical coverage, use of a car, or room and board please fill that out.|
|You will need to list out your monthly expenses.|
To get started, print out your bank and credit card statements. For the most recent month go through line by line to identify costs in your statements that fit each section.
For any expenses that are yearly please divide that yearly amount by 12 to get the monthly amount.
For expenses that fluctuate monthly please look at the last few months to determine a monthly amount that fairly approximates your costs.
If an expenses does not seem to fit any box please put in the box that most closely describes it or create your own line item.
|Tip: At the very end please add up all the boxes holding your monthly expenses and multiply by 12 to get your average yearly expense. |
It is important to make sure your numbers are as accurate as possible and to maintain or start a habit of tracking individual expenses.
|You will need to state the address of any property you own, in part or whole, and the details of any cars, boats, or other vehicles listed under your name. |
For the value you will need to list the current market value.
To determine what the item/vehicle would sell for on the current market you can check sites like auto-trader or Kijiji. Please keep in mind many items depreciate considerably over time.
You will need to describe other items of value such as investments, bank accounts, life insurance, money owed to you and other assets.
If your partner is also listed on the title or you jointly own something with them you can only claim a % of the value. How much you can claim is based on how much of it you own.
Life insurance plans have a specific value and you will need to check your policy. You will need both the “face amount” and the “cash surrender value”.
|Tip: For bank account information please remember to put the name and address of your personal bank branch. |
What goes under “Other Possessions of Value”? Generally you only need to include things that are $500 in value or more.
If you bought something together with your spouse but they paid for it do you own it, is it jointly owned, or does your spouse own it?
Generally any household item bought for your home is considered to be jointly owned.
What if something was gifted to you?
Gifts given during the marriage, as long as kept separate from other assets, are wholly excluded from the division of property on separation.
What if you inherited something while you and your spouse were together?
Generally inheritances are not marital property. However, if you have placed the inheritance into a joint bank account, then you may have created a comingling of your inheritance and should speak to a lawyer.
|You will need to list out any debts you owe such as mortgages, lines of credit, loans from the bank, credit card balance, unpaid support amount and other debts. Please list both the full amount owed and the monthly payments.|
|Tip: If you are making monthly credit card payments, that should also be reflected in your monthly expenses (section 7).|
|You will need to total the assets from #3 and subtract that total from the total amount of debt #4. This will equal your net worth. If the total is a negative number please enter like this (-$).|
You will need to sign and date this financial statement.
|Tip: It is important that you fully and truthfully fill in this form otherwise your spouse may ask the judge to impute your income. This means asking the judge to decide that you earn more than what you say.|
|11. Schedule A|
|You will need to fill out Schedule A if there are additional complex sources of income such as investment capital gains, dividend income, rental income etc.|
|12. Schedule B|
|You will need to fill out Schedule B if you are making or responding to a claim for undue hardship (financial difficulties), or spousal support. This part relates to the finances of other earners in the home including any new spouse or adult child.|
|13. Schedule C|
|You will need to fill out Schedule C if there are special or extraordinary expenses for child support such as medical expenses, necessary childcare expenses, post-secondary school expenses, and extraordinary expenses for extracurricular activities.|
This should not include basic household expenses like haircuts, school supplies, clothes, groceries (which should be covered by child support).
Know what legislation (rules) apply to you and your spouse
Divorce Act https://laws-lois.justice.gc.ca/eng/acts/D-3.4/
Family Law Act R.S.O. 1990 https://www.ontario.ca/laws/statute/90f03
Children’s Law Reforms Act R.S.O. 1990 https://www.ontario.ca/laws/statute/90c12