Tax Talk: How to split your pension
(NC)—Here's the answer to one of the most frequently asked questions, courtesy of hrblock.ca:
Q. I am a senior. How do I split my pension income with my wife?
A. Only certain types of pension income are eligible for income splitting, such as private pension income or, if you are 65 or older, payments from a RRIF. When you and your spouse file your 2012 tax return, you may be able to allocate up to 50 per cent of your qualifying pension to your spouse. You will need to complete form T1032 from the Canada Revenue Agency to elect to income split.
More information is available online at hrblock.ca.
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