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What are the ramifications of splitting my wife's private penion?

I do not have a private pension but my wife has one. Our combine tax refund would be increased by approx $125 but what are the ramifications down the road? We are both retired.

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What are the ramifications of splitting my wife's private penion?

Pension Splitting generally only affects the income tax returns of both spouses at the time of filing, but other programs based on individual income levels outside of the tax return could be affected depending on your situation. Here's some more information regarding Pension Splitting.

https://turbotax.intuit.ca/tips/pension-income-splitting-how-it-works-advantages-and-conditions-5545

https://turbotax.community.intuit.ca/replies/2647668

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Highlighted
Moderator

What are the ramifications of splitting my wife's private penion?

Pension Splitting generally only affects the income tax returns of both spouses at the time of filing, but other programs based on individual income levels outside of the tax return could be affected depending on your situation. Here's some more information regarding Pension Splitting.

https://turbotax.intuit.ca/tips/pension-income-splitting-how-it-works-advantages-and-conditions-5545

https://turbotax.community.intuit.ca/replies/2647668

View solution in original post

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