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New Member
posted Apr 15, 2023 10:08:35 PM

Is there documentation required for income splitting?

Can I split my self employment income? Is there documentation required?

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1 Replies
Level 15
Apr 19, 2023 10:31:47 AM

If you are under 65 during the entire tax year, you will only be able to split the payments you directly receive from a registered pension plan. If you are older then you can split your pension income.  

Tax on split income (TOSI) applies to certain types of income of a child born in 2005 or later, and amounts received by adult individuals from a related business. Where TOSI applies, the disability tax credit, dividend tax credit and foreign tax credit can be used to reduce the individual's tax payable for the year.

 

Here is a great TurboTax article to help you: How do I split my pension income with my spouse?

 

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