There are many issues that couples, both young and old need to be aware of when entering into or exiting out of a common law relationship.
If you are in a common law relationship of some permanence and interdependence and want to learn how to protect your rights, our lawyers can prepare a Cohabitation Agreement which can assist in setting out the property rights, expenses, pensions, support, benefits and other such items.
We can also discuss the tax advantages and disadvantages as afforded under the Income Tax Act. Being mindful of these issues can help maximize the benefits and avoid potentially negative tax consequences that could arise due to poor planning.
Professional advice should always be sought to ensure that the proper precautions and planning are taken into consideration.
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