Common law income
My common law partner is considering filing a consumer proposal. In the proposal they want to include my income. How does this affect my credit? Will my assets be considered in this proposal? I’m building my credit right now and don’t want his consumer proposal to affect my credit. Will my financial information get audited with his? We don’t file as common law on our taxes.
Posted from: British Columbia
Technically they need your income to calculate what would need to be paid in your common laws consumer proposal. While there is a way around this in the legislation it typically results in having to make a higher offer and is better to simply make full disclosure.
In terms of your credit, it won’t have any impact on your credit. Your assets won’t be taken into consideration unless they are jointly owned and that would happen regardless of disclosing your income or not.