Financial Statement
Complete financial disclosure is required in all Canadian divorce cases involving support or property division. Learn what to include and how to prepare accurate financial statements for your province.
What is a Financial Statement?
A financial statement is a sworn document that provides a complete picture of your financial situation, including income, expenses, assets, and debts. It's required in all Canadian family law cases involving child support, spousal support, or property division.
Legal Obligation: Both parties have an ongoing duty to provide full, honest, and up-to-date financial disclosure.
Consequences of Non-Disclosure: Courts take non-disclosure very seriously. Penalties include costs awards, adverse inferences, and potentially setting aside agreements or orders.
Privacy Note: While you must disclose to your spouse and the court, financial statements are not public documents (they're filed in sealed envelopes in most provinces).
Financial Disclosure Requirements
Full Disclosure
Must include all income, assets, debts, and expenses
Documentation
3 years tax returns and supporting financial documents
Sworn Statement
Must be commissioned by a lawyer, notary, or commissioner
Updated Annually
Must update if financial situation changes significantly
What to Include
- Employment income (T4, pay stubs)
- Self-employment income
- Rental income
- Investment income
- Government benefits
- Other sources of income
- Housing costs
- Utilities
- Food and groceries
- Transportation
- Insurance
- Child care
- Medical expenses
- Debt payments
- Real estate
- Vehicles
- Bank accounts
- Investments and RRSPs
- Business interests
- Personal property
- Mortgages
- Credit cards
- Lines of credit
- Loans
- Tax debts
- Other liabilities
- 3 years of tax returns
- Recent pay stubs
- Bank statements
- Investment statements
- Property assessments
- Debt statements
Provincial Financial Statement Forms
Each province has its own financial statement form with slightly different requirements and layouts.
Ontario
Form: Form 13 or 13.1
Form 13 under $150k income, 13.1 over $150k
British Columbia
Form: Form F8
Financial statement in Form F8 format
Alberta
Form: Statement of Property
Sworn financial statement required
Quebec
Form: Sworn Statement
Detailed financial disclosure required
Common Mistakes to Avoid
Don't Do This
- Hiding income or assets
- Using outdated information
- Estimating expenses instead of tracking actual costs
- Forgetting to include debts or liabilities
- Missing required supporting documents
Do This Instead
- Disclose everything fully and honestly
- Use current information (within last 30 days)
- Track actual expenses for 2-3 months
- Include all debts, even informal ones
- Attach all required tax returns and statements
Frequently Asked Questions
Simplify Your Financial Disclosure
Splitifi helps you prepare accurate financial statements with built-in calculators and guidance to ensure you meet all disclosure requirements for your province.