TTIncomeSplitting

Income Splitting

You may be able to jointly elect with your spouse or common-law partner to split the following eligible pension income when preparing your taxes.

the taxable part of life annuity payments from a superannuation or pension fund or plan; and
if they are received as a result of the death of a spouse or common-law partner, or if the pensioner is 65 years of age or older at the end of the year:
- annuity and registered retirement income fund (including life income fund) payments;
- registered retirement savings plan (RRSP) annuity payments; and
- certain amounts received under a retirement compensation arrangement
- Company Pensions, RIF’s and RRSP’s

You may split also split your Canada Pension however you must call Services Canada at 1-800-277-9914 to do this. Splitting the Canada Pension isn’t always beneficial so please contact us first for advice.

Important: If one spouse moves to Residential Care it may be beneficial to revise your previous tax returns to not split income in order to lower the monthly Residential Care fees..

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Income Splitting