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What is a financial statement? What documents do I have to give my partner?

A financial statement is a court form where you set out your financial information. It includes information about your income, expenses, assets, and debts. This is called financial disclosure.

There are Family Law Rules that tell you what is needed at every step in a court case. Rule 13: Financial disclosure tells you about financial statements and what supporting documents you need to give your partner and the court.

It's very important that you and your partner share complete and honest information. You have to do this even if you do not have a court case and are trying to agree on child support, spousal support, or dividing property.

If you're not in court, you can do this in many ways. For example, you can use a computer spreadsheet or a handwritten document that has all your financial information.

Or, you can fill out one of the financial statement court forms. Many people use these forms even if they don't go to court. The forms can be useful because they show you what the court looks at when deciding your support and property issues.

If you're in court, you must use one of the financial statement court forms. Use Form 13: Financial Statement (Support Claims) if you or your partner are asking only for child support, spousal support, or both child support and spousal support.

Use Form 13.1: Financial Statement (Property and Support Claims) if you or your partner are asking to divide property and debts. You may also be asking for support.

Financial statements must be sworn or affirmed. This means the person signing it is promising that the information in it is true. It is against the law to not tell the truth when swearing or affirming an affidavit.

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1. Choose the right financial statement form

Rule 13: Financial disclosure requires you to fill out a financial statement court form if your court case deals with child support, spousal support, or dividing property.

You can also use the financial statement court forms if you're not in court. The forms can be useful because they show you what the court looks at when deciding your support and property issues. They also tell you what documents you need to give your partner to prove what you said in your financial statement.

You do not have to fill out a financial statement if:

  • Your case does not involve claims for support or dividing property
  • You want your partner to pay child support in an amount that is similar to the Child Support Guidelines and the Government of Canada's child support tables
  • You and your partner are filing a motion to change support on consent and have agreed that financial statements do not need to be filed

There are 2 financial statement forms. Fill out the financial statement that applies to your situation.

  1. Form 13: Financial Statement (Support Claims): Use this form if you or your partner are asking only for child support, spousal support, or both child support and spousal support. Don't use it if you need to divide property and debts.
  2. Form 13.1: Financial Statement (Property and Support Claims): Use this form if you or your partner are asking to divide property and debts. You may also be asking for support.

You can get these family law court forms from the courthouse or online. They are available in French and English.

2. Fill out your financial statement form

It's very important that you and your partner share complete and honest information about your financial situation. This includes information about your income, expenses, assets, and debts. This is called financial disclosure.

Make sure you read the instructions on how to complete the financial statement court form carefully on page 1 of the form.

Form 13

In Form 13, you must give information on the value of your:

  • income
  • expenses
  • property including land, cars, household goods, jewellery, and bank accounts
  • money owed to you
  • debts such as loans and credit card debts

Form 13.1

In Form 13.1 you must give the value of assets and debts on three different dates:

  1. The date you and your partner got married.
  2. The "valuation date": This is usually the date you and your partner separated.
  3. Today: This date is important because sometimes the court wants to know what has happened to assets or debts since you and your partner separated.

The form can help you with any special rules that apply in your case. For example:

  • "Part 6: Property, debts and other liabilities on date of marriage" explains that you should not include the value of a matrimonial home on the date of marriage.
  • "Part 7: Excluded property" explains that you should list all excluded property such as gifts or inheritances.
  • "Part 9: Calculation of net family property" explains how to subtract the total value of any excluded property listed in Part 7.
You may need

3. Get your supporting documents

You should give copies of the documents that support the information in your financial statement. These could be things like:

  • proof of income from all sources
  • copies of your income tax returns
  • bank statements
  • credit card statements
  • mortgage documents
  • line of credit statements
  • money owed to you
  • business interests

The value of homes, cars, real estate, and businesses can be harder to determine.

You can hire a financial professional to determine the value of these assets if you and your partner can't agree. Or sometimes you and your partner may agree on a value after looking at how much similar assets are listed for. For example, you could look at car ads online or in newspapers to get an idea of how much your car is worth.

If you go to court, you also have fill out a Form 13A: Certificate of Financial Disclosure. In it, you list all the documents that prove what you said in your financial statement. You will have to give your partner and the court copies of these documents.

This can include copies of your pay stubs, recent tax returns, and notices of assessment. If you don't have a copy of your notices of assessment, you can get a copy of your income and deductions statement from Canada Revenue Agency by calling 1-800-959-8281.

4. Update your financial statement

If your financial statement is more than 30 days old at the time you have to file or serve your papers at any stage in the court process, you have to fill out, serve, and file one of the following:

You must update your financial statement court form if there is a significant change in your circumstances that affects the information in it. For example, if you change jobs and have a significant change in the amount of your income.

You also have to fill out Form 13A: Certificate of Financial Disclosure,     where you list all the documents that prove what you said in your financial statement.

This can include copies of your pay stubs, recent tax returns, and notices of assessment. If you don't have a copy of your notices of assessment, you can get a copy of your income and deductions statement from Canada Revenue Agency by calling 1-800-959-8281.

Reviewed: 
September, 2015

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