Canadian Severance Agreement Template

 
 

(5) In accordance with Article 74(5)(3) of the Law on income tax, the husband and wife undertake to make and submit, together with their tax returns for the year of performance of this contract (19), a common choice, in a form which may be presented in accordance with Annex `B` to this Agreement, in order not to apply the provisions of the Law on Income Tax relating to the allocation of capital. taxable person provided for in paragraph 74(2) of the Income Act the provisions relating to the existence of property of the husband and wife since and after the performance of this contract. Immediate sale of the matrimonial house 32. MATRIMONIAL DOMICILE (1) The husband and wife shall and shall retain the matrimonial home, known as a matrimonial home within the meaning of the Family Law Act. 2. The husband and wife will offer the marriage house for sale at the conclusion of this contract and accept the first suitable offer for the purchase of the spouse. 4. When selling the marital home, the proceeds are used as follows and used in the following order: (i) on real estate commissions, attorneys` fees related to the sale and all other selling expenses; (ii) the history, charges and rights of pledge which were entered into jointly by the husband and wife before or after the date of this Convention; (iii) payment of the balance as follows: (a) to the wife, ____ percentage; and (b) to the husband, ____ percentage. . . .

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