Learn More About the Division of Pensions
If you're worried about dividing your pension during a separation or divorce, Lowther Family Law can help. We serve clients throughout British Columbia, and we can help you understand what you're facing. Learn more about pension division below, or contact us today for an initial consultation.
The Family Relations Act accounts for pensions by providing for deferred sharing of the pension benefits accrued during the marriage. That means that the benefits won't be divided until the parties involved retire.
For RRSPs, however, the Income Tax Act provides a "rollover," which permits RRSPs to be passed from one spouse to the other without having to pay income tax. For this to happen, however, Revenue Canada requires a written separation agreement or a court order.
Ultimately, it is the Supreme Court which has the jurisdiction to deal with the division of family property. Be sure to familiarize yourself with the divorce court process.
Note: The information provided above is general information only and is provided as a public service. For detailed information and advice with respect to your specific circumstances, please contact our office for an appointment.