If you meet the qualifications, yes, you may split your income with your spouse. As per this TurboTax blog: Income Splitting Benefits, you may split pension income, and tax on split income (TOSI) enables you to split your taxable income 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 checking this Canada Revenue Agency (CRA) website: Income sprinkling for more information about the rules on income splitting.
If you require further assistance please contact our phone support team or contact us directly on Facebook or Twitter.
Sign In
Canada (English)
EN
