Sentences with phrase «pension income splitting allows»

For couples in different tax brackets, pension income splitting allows some of their RRIF income to be taxed in the hands of the lower - earning spouse.

Pension income splitting allows you to split eligible pension income, which generally includes income like defined benefit pension benefits, RRIF withdrawals, etc..

Not exact matches

Pension income splitting was introduced in 2007 to allow you to move up to 50 % of your eligible pension income to your spouse or common law partner's tax return if you received pension income eligible for the pension income Pension income splitting was introduced in 2007 to allow you to move up to 50 % of your eligible pension income to your spouse or common law partner's tax return if you received pension income eligible for the pension income pension income to your spouse or common law partner's tax return if you received pension income eligible for the pension income pension income eligible for the pension income pension income amount.

Since the pension income - splitting rules limit the ability to income split to 50 % of the amount received, a spousal RRSP may still allow for greater income splitting since 100 % of the payments from the spousal RRSP can be taxed in the hands of the spouse with the lower income.

For two reasons: first of all, spousal RRSPs allow an individual to split more than 50 per cent of your pension income.

Split that pension Pension splitting is a tax planning technique that allows Canadians who received eligible pension income to split up to half of that income with their spouse or common - law ppension Pension splitting is a tax planning technique that allows Canadians who received eligible pension income to split up to half of that income with their spouse or common - law pPension splitting is a tax planning technique that allows Canadians who received eligible pension income to split up to half of that income with their spouse or common - law ppension income to split up to half of that income with their spouse or common - law partner.

Even without tapping their considerable cash and investment accounts, Sam and Ethel can take advantage of tax rules that allow splits of eligible pension income.

That's because recent changes allow couples over 65 to split their income from RRIFs, annuities and pensions for tax purposes.