Enough Bull by David Trahair

Author:David Trahair
Language: eng
Format: epub
ISBN: 9781118994184
Publisher: Wiley
Published: 2015-02-23T00:00:00+00:00

Pension Income Splitting

The pension income splitting rules could save you thousands of dollars in tax every year – painlessly. Let’s discuss how the rules work.

Since 2007, you have been allowed to transfer up to 50 percent of your “eligible pension income” to your spouse or common-law partner.

Income that qualifies for pension splitting depends on the recipient’s age. Here’s what qualifies, depending on how old you are:

Recipients under age 65:

Pension income from a registered pension plan (RPP) – for example, pensions from an employer-sponsored defined benefit (DB) or defined contribution (DC) plan

Certain other payments received as a result of the death of a spouse or common-law partner (e.g., a survivor pension annuity)

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