Sharing income from a T4RSP?

[steveandkj]

If I withdraw from my RRSP to a joint account (to pay off debt) can I claim that as my wife's income or does it have to be mine? (On the T4RSP it has my name. We're filing a joint return.)

[fuzzy · Accepted solution]

No.  You must report all of the income.  It is not transferrable to your spouse.  One other note, while you may be preparing your return at the same time as your spouse, you are in fact preparing and filing 2 separate returns.  There is no such thing as a "joint" return in Canada

[steveandkj]

Thanks fuzzy. Very helpful. I thought that would be the case but I knew you could split pension income so wondered if that were possible here.

[fuzzy]

Sorry, but lump sum withdrawals from an RRSP are generally not regarded as pension income.  For reference please see http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/pnsn-splt/qlfy-eng.html