Affidavit Of Net Worth Template for Canada

An Affidavit of Net Worth is a comprehensive sworn statement that details your complete financial picture under Canadian law. This legal document requires you to disclose all assets, liabilities, income sources, and monthly expenses under oath, making it a critical component in various legal proceedings where financial transparency is essential.

When do you need this document?

You'll typically need an Affidavit of Net Worth in divorce or separation proceedings where courts must determine spousal support, child support, or property division. Family courts across Canada require this document to ensure fair financial arrangements based on complete disclosure. You may also need this affidavit in bankruptcy proceedings under the Bankruptcy and Insolvency Act, where trustees require detailed financial information to assess your financial situation. Other scenarios include estate disputes, debt restructuring cases, or any legal matter where your financial capacity is relevant to the proceedings.

Key legal considerations

Your Affidavit of Net Worth must be complete and accurate, as providing false information constitutes perjury under Canadian criminal law. You're legally obligated to disclose all assets, including those held jointly, in trust, or located outside Canada. The document must include detailed breakdowns of income from all sources, including employment, investments, rental properties, and business interests. Your monthly expenses section should reflect realistic living costs, as courts scrutinize these figures when determining support obligations. Remember that failing to disclose assets or providing misleading information can result in severe legal consequences, including contempt of court charges and financial penalties.

Legal requirements in Canada

Under the Canada Evidence Act and provincial evidence acts, your Affidavit of Net Worth must be sworn before an authorized commissioner of oaths, notary public, or lawyer. Each province has specific formatting requirements under their Rules of Civil Procedure, though most follow similar structures requiring personal information, income details, asset listings, and expense breakdowns. The Divorce Act mandates financial disclosure in divorce proceedings, while provincial Family Law Acts specify additional requirements for spousal and child support determinations. You must update your affidavit if your financial circumstances change significantly during ongoing proceedings. Provincial family law rules typically require supporting documentation, such as tax returns, bank statements, and employment records, to verify the information in your sworn statement.