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Mandatory Contributions From Pay

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

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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.