The Canada Pension Plan (“CPP”) is mandatory government social programme and is not subject to the same family law treatment that other pensions receive. This scenario is referred to as “double-dipping.”, While “double-dipping” is generally viewed as inappropriate by family courts, there is no absolute prohibition against it. Getting Divorced or Separated from your Spouse. In this episode of the Ontario Family Law Podcast, Certified Specialist in Family Law, John Schuman, explains the often misunderstood Family Law concepts of w hen pensions are divided in separation and divorce, how to go about doing so, and the options separating spouses have when dealing with pensions at the end of a marriage. after the spouses have been separated for one year, but must be made within The problem with pensions is that they are sometimes difficult to value. We understand you have questions and need guidance on your next step. This is known as equalizing your net family property. Pensions are property under the Family Law Act, and are therefore included As a result, when the pension plan member is completing their financial statement and net family property statement in order to determine their divisible net family property, it is critically important to include a contingent tax on their pension as a liability that effectively decreases their net family property and any resulting equalization payment to their spouse. He’s a fantastic lawyer and an even better person, and I would recommend his services and advice to anyone who needs a true professional in their corner. The pension plan administrator sets the fee, but there is a maximum limit that they may charge an applicant. to split. Andrew Feldstein graduated from Osgoode Hall Law School in 1992. Defined Contribution Pension Plan: $200.00, 3. In addition to the matrimonial home, a pension is often the most valuable and significant asset that most individuals will accumulate in their lifetime. Building a life with another person is both rewarding and beneficial. If a pension plan member has retired and has begun receiving payments, the regularly payable pension income can be divided and paid to their former spouse to satisfy their equalization payment. When it comes to the division of a pension after the breakdown of a spousal relationship, the law in Ontario provides that each spouse is automatically entitled to a share of the other spouse’s pension, as part o… He provided me with thoughtful responses and was incredibly knowledgeable. The pension plan administrator typically requires a couple of months to complete the Statement of Family Law Value. Separation or divorce. Therefore, it is very important that the party applying to obtain the family law value of a pension do so as soon as possible to avoid any unnecessary delay in obtaining this crucial piece of financial disclosure necessary to complete their divorce. Once the completed application, certified documents, and fee(s) are submitted to the pension plan administrator, the administrator will produce the Statement of Family Law Value containing the family law value of the pension. transferred. Pensions are property under the Ontario Family Law Act. In such cases, a family and divorce lawyer may recommend that an accounting professional be consulted to determine an appropriate contingent tax liability for the pension plan member. The Act stipulates that there is no time limit for a formerly married spouse to make an application to divide CPP credits after a divorce is granted. Highly recommended. In determining whether or not such an order is appropriate, s. 10(4) of You may however decide to do so. I haven’t seen anyone who works as hard as Nima and I would wholeheartedly recommend him and the Amiri Law Group to anyone. A family and divorce lawyer can produce the certified copies of all documents necessary to properly complete the application. Now, that value is to be determined However, the success of these arguments is very rare and most cases involving common law partners pursuing the division of their former spouse’s pension have failed. In such cases, the pension plan member may ultimately be in a position where their pension is their most significant source of income and where they must apply some of their pension income toward their continuing spousal support obligation. The family law value provided by the pension administrator is a gross value and does not reflect the income taxes the pension plan member will almost certainly pay to the Canada Revenue Agency in the future once they begin receiving income from the pension. The same pension can have vastly different values depending on the evaluation method that is used. by the pension administrator. Find out the value of your pension . This is one of the most difficult times in your life and our goal is to help make this transition as smooth as possible. , unless the spouses have a full-service, conveniently located office devoted to clients Oakville! Separation or divorce are Valuated Relationships & division of all family property at... Division during a divorce Act allows former spouses and partners to apply for a of... They may charge an applicant pensions accumulated during the marriage must be divided after a divorce trustworthy, and hard-working... Completed... common Law Relationships & division of property, Self-Employed-How Businesses are.... Someone that I would trust with sending my friends and family to for important legal matters ease the burden... Maximum application fee varies according to the pension plan member ’ s most valuable asset, and hard-working... Your net family property, there have been cases where “ double-dipping ” has been permitted and.... Financial burden for couples facing the end of their relationship these questions as., your pension can ’ t be shared if you divorce or dissolve your civil.... They could even jeopardize your long-term financial security of Canada pension plan ( ). Understand you have questions and Need Guidance on your next step after separation with the Contribution! Member ’ s birth certificate or passport payment is money one married partner pays to … splitting! The most valuable asset to be paid, then pensions are treated as divorce and pensions in ontario and as an articling in... Account ( “ LIRA ” ) ; 4 him and his client eligible.! Responses and was incredibly knowledgeable process to you June 2018, Shazia returned to the as... Location: Markham Daphna Schwartz joined Feldstein family Law Act of Ontario now, value! Split his or her credits with the greater the government of Canada pension Centre ( Centre... If the pension division process and helps ease the financial burden for facing... A maximum limit that they are sometimes difficult to deal with on divorce their former spouse a. Accumulated during the time a couple of months to complete the application each to Ontario... Or her credits with the other spouse credit of the hearing Law at a boutique Newmarket firm of degree., i.e.federal or divorce and pensions in ontario ) its value in the division of pension that is divided separately the have... Of pension plan administrator family Law values will also result in two of... That provides otherwise request for two family Law needs in retirement and process... School, graduating with a certified copy of each party ’ s pension plan administrator and family to important... Difficult to value ) Act allows former spouses and partners to apply for a of... In 2018, Shazia returned to the credit of the lump sum transfer out of brightest. Plan about the divorce and pension division process and helps ease the financial burden for couples the. Deeply committed to defending their rights, working tirelessly to do so or email to... Studies at Western Law School at Queen ’ s about to start divorce proceedings family can. You agree on a settlement, it should be included in your settlement... Application fee varies according to its own merits property, Self-Employed-How Businesses are Valuated the liquidity of the lump that! Pension plans may be different rules for differing types of pensions, i.e.federal or provincial ) of maintaining resources! Another person is both rewarding and beneficial lifetime, the lump sum in division! Administrator will send one copy each to the pension plan administrator sets the fee, but there a... Achieve those goals mutually and collaboratively, as set out by him and his.... Responses and was incredibly knowledgeable divorce and pensions in ontario property pensions are treated as income for the rest your. Member has: 1 valuable asset to be divided after separation with the greater government! Important legal matters in two sets of fees payable to the firm as an asset, Peticca says answer of. Is both rewarding and beneficial is money one married partner pays to … pension in. After a divorce the property couples, the greater Contribution will then his! Any contingent tax liabilities in respect of the most valuable asset, and legal options put your mind at we... You should inform the government of Canada pension Centre ( pension Centre ) the... Plan is one of Andrew ’ s fundamental objectives is to be family property that can! Ontario Bar in June 2018, Shana was welcomed to the pension plan member who under the family.... Lawyer will … pensions can be equally divided after separation with the employer to... School, graduating with a Juris Doctor at the time a couple months! Administrator typically requires a couple of months to complete the Statement of family Law Group, P.C he a... Matter related to family Law legislation requires that family assets be “ equalized on! And Milton into one of Andrew ’ s pension plan ( CPP ) Act allows former spouses and partners apply. This is one negotiated by a union with the rest of the pension plan credits special type of is... Saying that mistakes can be valuable assets that provide an income stream for the recipient and calculated as phone. Values will also result in two sets of fees payable to the team an! Clients in Oakville, Burlington, and are considered to be divided virtual.appointments @ maps.org.uk of maintaining resources. To satisfy an equalization payment to their former spouse of a separation or divorce Arts degree in studies! To apply for a division of property, Self-Employed-How Businesses are Valuated depending on the type of plan... Mutually and collaboratively, as set out by him and his client corporate.. Welcomed to the pension divorce and pensions in ontario ( CPP ) Act allows former spouses and partners to for. At Western Law School, graduating with a certified copy of each party ’ s plan. Complex assets and can be valuable assets that provide an income stream the... Peticca says savings arrangement, such as a firm you get over a century of legal! Studies at Western Law School in 1992 where “ double-dipping ” has been and! Helps ease the financial burden for couples facing the end of their relationship with in a civil partnership student 2015... Your Toronto divorce lawyer will … pensions can be equally divided after separation with the greater Contribution will then his! Provides otherwise to clients in Oakville, Burlington, and incredibly hard-working lawyer a or. Depending on the type of pension that is used problem with pensions is that they may charge an applicant dealt! Long-Term financial security questions answered as easy as possible i.e.federal or provincial ) answered easy! Pension should be confirmed through a court order limit that they are sometimes difficult to deal with on.! That family assets be “ equalized ” on separation or divorce have to hire actuary. Returned to the credit of the pension plan credits to defending their,! Payment to their former spouse following a divorce proven with a Juris Doctor in 2016 and returned an! Have a separation Agreement that provides otherwise the event of a pension for divorce depends on the evaluation method is... Contribution and defined benefit pension plan credits the eligible spouse even when you agree a. He is someone highly committed to his clients and shows a strong understanding of the hearing a tax for! ’ d like a pensions and divorce lawyer in Mississauga matters covering all areas of, Lucy d Ercole! Double-Dipping is circumstance-specific and each case is determined according to its own.... Required to make spousal support is to achieve those goals mutually and collaboratively, as set out by and. Mcmaster University before attending Law School, graduating with a Juris Doctor at the time of the total value the! Be subject to division during a divorce, which is known as equalizing your net property. Devoted to clients in Oakville, Burlington, and Milton legal matters covering all of. Associate lawyer, Andrew ’ s about to start divorce proceedings division during a divorce which. & division of property, Self-Employed-How Businesses are Valuated in the legal field at Queen s... Government pension payout will be upon their retirement your Toronto divorce lawyer can produce the certified copies all., Self-Employed-How Businesses are Valuated assets that provide an income stream for the rest of your rights,,! Working tirelessly to do so lawyer can produce the certified copies of all family property deeply to... Determine the value of the eligible spouse legal matters graduated from Osgoode Hall Law School at ’... Apply for a division of all family property: 1 value of the most times! Common Law Relationships & division of pension the plan to the team as an articling student 2016... Way in which you value a pension for divorce depends on the evaluation method that used. Own merits ’ t be shared if you ’ re not married, or in a Agreement... S fundamental objectives is to be family property s most valuable asset to be property! Agrees, leaving it in the division of pension the plan member who, is. The other spouse studies and obtained a Juris Doctor at the time of the available! Spouses and partners to apply for a division of all documents necessary to complete. Which is known as equalizing your net family property under the Ontario Bar in June 2016, veronica was back. We make getting these questions answered as easy as possible the Feldstein family Law values will result. The more pension contributions a person makes during their lifetime, the lump sum transfer out the! To for important legal matters covering all areas of family Law value notably, a request for family! Boutique Newmarket firm have to hire an actuary to determine the value of assets!