Reader Question:Do I Have To Share My RRSP With My Spouse When I Get Divorced?

Another reader of the Canadian Budget Binder blog asked the question, “Do I have to Share my RRSP with my Spouse When I get Divorced”? In Ontario there is the Family Law Act. In simple terms all property acquired after the date of marriage, up until the time of marriage breakdown is deemed to be the property of both parties. The ownership of the property is not a factor. So in short each person is entitled to 50% of the total family property. There are certain exceptions like the family home that was brought into the relationship or received as a gift or inheritance. However to keep things simple we will ignore this. RRSP’s, Stocks, Bonds, Pensions, are all subject to being included under Family Law. So if one spouse had a significant RRSP and the other nothing then the spouse with nothing would be entitled to 50% of the spouse’s RRSP. Note: the courts adjust the value of the RRSP down, by the amount of withholding tax that would be payable if the RRSP were cashed in. So the figure used is less than fair market value of the RRSP. To understand this fully the courts ask each person […]

5 Unusual Places to Stash Cash at Home

stash cash at home living room

Stash Your Cash The Smart Way   It is always good to have a stash of cash around the house in case of emergencies or unexpected scenarios where debit cards can’t be accepted. Leaving money in a house does bring with it the inherent danger that it could be found by a less than trustworthy relative or discovered during a break-in. These risks don’t exist with banks, but money isn’t as easily accessible at banks either. If you need cash fast sometimes keeping a secret hiding spot at home might be your answer. It’s like having your own cash card whenever you need it. Luckily people have hidden cash in their homes for millennia so a few good, albeit unusual hiding places have been thought up. These five hiding spaces from We Know Savings may sound absurd, but they are likely the best hiding places anyone has ever thought up.   Inside fake plants   Photo Credit:  Marcelo Moura Fake plants are a perfect place to hide extra money. Nobody, burglars included, is going to go rooting through the “roots” (pun intended) of an artificial house plant. Most of these household decorations come with foam in a vase or pot to hold […]