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Six Things You Should Know About Pension Income Splitting
Six Things You Should Know About Pension Income Splitting
If you’re currently retired or nearing retirement, pension income splitting may be a smart way for you to significantly save on taxes. Amendments made to the Income Tax Act in 2007 have given Canadians an effective way to lower their household’s overall tax bill, but you need to read the fine print before you can collect.
“With tax season looming, pension income splitting could be an option for you and your spouse to consider,” said Investors Group tax and financial planning expert Christine Van Cauwenberghe. “But to ensure an optimal split, you need to look at the fine points carefully.”
Van Cauwenberghe provides these five pension income splitting facts to help you make the most of this opportunity:
1. Income that qualifies for splitting is different if you are under 65 or over 65 years of age. For example, income from a registered pension plan can be split irrespective of the age of the person who receives the pension income. However, RRIF income can be split only if the person receiving the income has attained age 65.
2. Pension income splitting could have an impact on several other tax calculations and credits including OAS benefits, medical expense credits, spousal credit, age credit clawbacks, and quarterly tax installments.
3. You don’t have to split pension income 50 – 50, and split amounts can change each year based on your personal tax situation.
4. Pension income splitting does not require the physical transfer of funds.
5. Pension income splitting is not new. CPP/QPP income splitting (or income sharing) has been allowed for several years.
“Pension income splittingcan be a good option for many households to reduce their annual taxes – but other tax-saving opportunities need to be factored as well,” adds Van Cauwenberghe. “A financial advisor can work with you to ensure that your overall financial plan is on track with your plans for retirement.”
This column, written and published by Investors Group Financial Services Inc. (in Quebec – a Financial Services Firm), presents general information only and is not a solicitation to buy or sell any investments. Contacta financial advisor for specific advice about your circumstances. For more information on this topic please contact your Investors Group Consultant.
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Latest Medicaid Income Eligibility Requirements Auctions
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Categories: Medicaid income eligibility requirements Tags: Auctions, eligibility, Income, Latest, medicaid, Requirements
Latest Medicaid Income Eligibility Requirements Auctions
Hey, check out these auctions:
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Categories: Medicaid income eligibility requirements Tags: Auctions, eligibility, Income, Latest, medicaid, Requirements
Latest Medicaid Income Eligibility Requirements Auctions
Hey, check out these auctions:
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Categories: Medicaid income eligibility requirements Tags: Auctions, eligibility, Income, Latest, medicaid, Requirements
Latest Medicaid Income Eligibility Requirements Auctions
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Categories: Medicaid income eligibility requirements Tags: Auctions, eligibility, Income, Latest, medicaid, Requirements
Latest Medicaid Income Eligibility Requirements Auctions
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Categories: Medicaid income eligibility requirements Tags: Auctions, eligibility, Income, Latest, medicaid, Requirements
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Latest Medicaid Income Eligibility Requirements Auctions
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