Problem
Mike and Vanessa separated June 15, 2021. Vanessa has come to you for assistance in determining how their assets will be divided.
Mike and Vanessa have decided to sell the matrimonial home and will split the proceeds from the sale equally.
The following is a list of their other assets:
|
Asset
|
Value at date of marriage
July 20, 2008
and other information
|
Value at date of separation
June 15, 2021
|
|
Joint bank account
|
Each put $5,000 in their joint bank account
|
$14,000
|
|
Mike's Car
|
Purchased during marriage
|
$7,000
|
|
Vanessa's Non-registered Investment Account
|
See Note 1 below
|
$175,000
|
|
Mike's RRSP
|
$35,000
|
$165,000
|
|
Mike's TFSA
|
First contribution in 2013
|
$50,000
|
|
Vanessa's RRSP
|
First contribution in 2015
|
$55,000
|
|
Vanessa's TFSA
|
First contribution in 2015
|
$60,000
|
Note 1: Vanessa inherited $175,000 from her Mom when she died. Vanessa put these funds in a Non-registered Investment Account. Vanessa has not added any other funds to the Non-registered Investment Account and has sole direction over the investment decisions and withdrawal amounts for this account.
Task
• Calculate how much Mike and Vanessa will each get using property division under Ontario law.