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wislon
New Member

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

 
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Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.


Eligible pension income
What is eligible pension income?

Eligible pension income is generally the total of the following amounts received by the transferring spouse or common-law partner in the year (these amounts also qualify for the pension income amount:(

  • the taxable part of life annuity payments from a superannuation or pension fund or plan; and
  • if they are received as a result of the death of a spouse or common-law partner, or if the transferring spouse or common-law partner is 65 years of age or older at the end of the year:
    • annuity and registered retirement income fund (including life income fund) payments;
    • registered retirement savings plan (RRSP) annuity payments; and
    • certain qualifying amounts distributed from a retirement compensation arrangement.

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14 Replies

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.


Eligible pension income
What is eligible pension income?

Eligible pension income is generally the total of the following amounts received by the transferring spouse or common-law partner in the year (these amounts also qualify for the pension income amount:(

  • the taxable part of life annuity payments from a superannuation or pension fund or plan; and
  • if they are received as a result of the death of a spouse or common-law partner, or if the transferring spouse or common-law partner is 65 years of age or older at the end of the year:
    • annuity and registered retirement income fund (including life income fund) payments;
    • registered retirement savings plan (RRSP) annuity payments; and
    • certain qualifying amounts distributed from a retirement compensation arrangement.
wislon
New Member

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

Unresponsive answer.  Please read the original question.

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

There was no question.

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

How ever as you can see, income from an rrsp is eligible for pension splitting.
wislon
New Member

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

Only if RRSP is converted to an annuity.

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

You mean like on the quote I included?  
wislon
New Member

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

You are missing the point. Your quote is from the taxman.  The original quote - which is misleading - is from Turbotax.  There is a multitude of ways for an RRSP to generate income e.g. dividends from stocks.  Annuities are actually mentioned separately later in the Turbotax article.

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

And yet.. 😄
wislon
New Member

Your website says"If you are the recipient of the pension and are 65 or older, you may split income from your RRSP, .." This is incorrect and a serious error.

That is too cryptic for me.  Please read https://turbotax.intuit.ca/tips/understanding-pension-income-splitting-for-seniors-5521 and tell me if you agree with what Turbotax says regarding RRSPs and pension splitting.