A pension is an asset that must be valued and included in the calculation of net family property of the pension holder. Ontario pensions are now governed by legislation that requires the pension administrator to provide the Family Law Value that is to be included in the calculation of net family property. The law now allows the pension holder to choose whether to make an equalization payment or to transfer a portion of his/her pension to the other spouse to satisfy the equalization payment.
Federal pensions must be examined on a case-by-case basis to determine whether a private actuary must be retained to value the pension or whether the pension administrator will use the rules in place for Ontario pensions. In many cases, one spouse can transfer a portion of his or her Federal pension to the other spouse to satisfy an equalization payment owing.
Bortolussi Family Law is located in Vaughan, Ontario and serves the Greater Toronto Area including Woodbridge, Concord, Maple, Kleinburg, Thornhill, Vaughan, Markham, Richmond Hill, Brampton, Bolton, Nobleton, Newmarket, Oxford, Orangeville, Aurora, North York, Etobicoke, Caledon, Whitchurch-Stouffville, King City, Schomberg, Mississauga, Oakville, Streetsville and Toronto.