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New Member
posted Mar 23, 2022 9:40:37 PM

When did income splitting of retirement benefit no longer apply?

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3 Replies
Level 6
Mar 24, 2022 9:38:43 AM

To completely answer your question, we will need clarification about the "no longer apply" part of the question.

 

In order to qualify to split your pension income, you and your spouse or common-law partner must reside in Canada and live together at the end of the year.

 

You and your spouse or common-law partner will still be eligible to split pension income if living apart at the end of the year for medical, educational, or business reasons (rather than a breakdown in the marriage or common-law partnership).

 

For more information, please click: 

TurboTax article Understanding Pension Income Splitting for Seniors

Canada Revenue Agency(CRA): Eligible pension income

 

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New Member
Mar 24, 2022 9:46:53 AM

I'm talking about the CPP retirement pension I was able to split it with an S2 form in prior years for a client.

Level 6
Mar 25, 2022 9:28:44 AM

For form Schedule 2 - Federal Amounts Transferred from your Spouse or Common-Law Partner,

Line 31400 was line 314 before tax year 2019.

You still be able to claim up to $2,000 if you reported eligible pension, superannuation, or annuity payments on line 11500, line 11600, or line 12900 of your return.

 

For more information, please click:
Canada Revenue Agency(CRA) Line 31400 – Pension income amount

TurboTax article Pension Income Amount

 

 

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