Mandatory Contributions From Pay

January 26th, 2011 by Questions

I have to pay into a pension plan at my work. Can I subtract that from my gross income for figuring out the amount I\’m allowed to earn?

Posted from: Ontario


One Response to “Mandatory Contributions From Pay”

, A licensed trustee said:

Mandatory deductions are not “added back” when assessing whether or not you owe surplus income payments in a bankruptcy. Voluntary payments will be – so your pension plan deductionis allowed, unless you have asked to increase it beyond the mandatory minimum amounts.

Discuss this in detail with your trustee BEFORE you file – that way there won’t be any surprises.

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