Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Apr 10, 2024 7:24:34 PM

Pension Income splitting? How to I retain taxes the same as paid as I want to reallocate only pensions not taxes paid.

How to I retain taxes the same as paid as I want to reallocate only pensions not taxes paid. 

0 1 1175
1 Replies
Intuit Alumni
Apr 11, 2024 6:59:42 AM

Unfortunately, you cannot avoid the tax splitting on the pension chosen to be split. Both the pension and the taxes paid on it are to be split for the same percentage as explained by the Canada Revenue Agency (CRA): "if the transferring spouse or common-law partner allocates 50% of their eligible pension income to the receiving spouse or common-law partner, 50% of the income tax withheld at source on that pension income must also be allocated to the receiving spouse or common-law partner."

 

Thank you for choosing TurboTax.