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    • Home
    • Getting Taxes Done
    • Tax Tips
    • Forms
    • Contact Us
    • New Client
  • Home
  • Getting Taxes Done
  • Tax Tips
  • Forms
  • Contact Us
  • New Client

Thank You for trusting TRACC for your tax preparation

Thank You for trusting TRACC for your tax preparationThank You for trusting TRACC for your tax preparationThank You for trusting TRACC for your tax preparation

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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..

Find out more

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