Generally they can be divided as per the s. 4(1) definition of property which states that it consists of any interest (contingent or vested, future or present) in real and personal property.
However, if you look at the exclusions listed in s. 4(2) you will notice that paragraph 7 states that unadjusted pensionable earnings under the Canada Pension Plan (CPP) cannot be divided. Therefore, if the pension you are seeking to include in the equalization payment is in fact a CPP then it will not be divided but any other interest in a pension will be.
You should be aware of the fact that the aforementioned provides the current state of the law, however, there are amendments to the Family Law Act which are pending and, when they come into force, will apply retroactively to any applications not yet finalized. One amendment made can be found under the s. 4(1)(c) definition of property:
Section 10.1 further amends the Act with regards to an interest in a pension plan. According to subsection (3):
Therefore, this section grants the court the discretion to decide whether a pension should be included in net family property calculations (NFP) or whether it should be taken out of the NFP and instead divided independently. In order to make these determinations the courts must consider the 5-prong test enunciated in subsection (4) as well as all relevant circumstances and the conditions of both spouses.
Interest in a pension plan
Imputed value for family law purposes
10.1 (1) The imputed value, for family law purposes, of a spouse’s interest in a pension plan to which the Pension Benefits Act applies is determined in accordance with section 67.2 of that Act.