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New Member
posted Mar 10, 2023 5:37:27 PM

How to split reg.rirement income as pension income with spouse?

Can you declare RRIF income as pension income and how do you plit it with a spouse?

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1 Replies
Moderator
Mar 17, 2023 12:42:20 PM

As per the CRA:The following amounts received by the transferring spouse or common-law partner are not eligible for pension income splitting:

  • old age security payments
  • Canada Pension Plan and Quebec Pension Plan
  • any foreign source pension income that is tax-free in Canada because of a tax treaty that allows you to claim a deduction at line 25600 of your return
  • income from a United States individual retirement account (IRA)
  • amounts from a RRIF included on line 11500 of your return and transferred to an RRSP, another RRIF or an annuity

Here is a great TurboTax article on:

Understanding Pension Income Splitting for Seniors

 

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