Get Canada Nshepp Declaration Of Spousal Status At Date Of Retirement 2015-2025

If I'm going through a spousal relationship breakdown, is my spouse entitled to any of my pension? Your spouse may be entitled to up to 50% of the value of the pension you earned during your relationship.

Timing to Make a Claim If you were married and have separated or divorced, there's no time limit to making the claim to split the benefits earned during your cohabitation so long as you lived together for more than 12 months.

Family Law Value: The total value of the pension accrued during the relationship. Spouses can, but do not have to, use up to 50% of this value to equalize Net Family Property.

The standard age to start the pension is 65. However, you can start receiving it as early as age 60 or as late as age 70. If you start receiving your pension earlier, the monthly amount you'll receive will be smaller. If you decide to start later, you'll receive a larger monthly amount.

In a divorce, pensions are considered along with the other financial assets of the marriage. It's important to note that a divorce by itself does not determine 'who gets what' or who is entitled to the home, savings etc. The sharing of the assets is decided separately, in a financial agreement or financial settlement.

In terms of how much either spouse is entitled to, the general rule is to divide pension benefits earned during the course of the marriage right down the middle. Though that means your spouse would be able to claim half your pension, they are limited to what was earned during the course of the marriage.

The Valuation Rules – Defined Contribution Pensions Under the Ontario law, for defined contribution pensions, the value earned during marriage is equal to the account balance at the date of separation less the account balance at the date of marriage.

The Old Age Security (OAS) pension is a monthly payment you can get if you are 65 and older. In some cases, Service Canada will be able to automatically enroll you for the OAS pension. In other cases, you will have to apply for the Old Age Security pension.

Your pension can only be transferred to your wife or civil partner if you are deceased. However, there is a caveat, and that caveat is in the case of a divorce. In the case of divorce, you can file for a pension sharing order (PSO).