Yes you are right, the most appropriate division of income is between you and your wife.
As per our TurboTax blog: Income Splitting Benefits: you can split your taxable income — including pension splitting, and tax on split income (TOSI) — with your spouse to help save money. This allows the spouse with a higher taxable income to reduce their tax payable by transferring some of their taxable income to the spouse in the lower tax bracket. This can reduce the couple’s overall taxes owed.
I also strongly recommend you to check this Canada Revenue Agency (CRA) website: Income Sprinkling to get more information on the rules for splitting income for adults if you are considering to split your income with your wife.
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