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Or common-law partner's return. The information on the forms must be the same. If you are filing electronically, keep this form in case we ask to see it later. Complete this form if you (the transferring spouse or common-law partner) are electing to split your eligible pension income with your spouse or common-law partner (the receiving spouse or common-law partner) and if you meet all of the following conditions: You and your spouse or common-law partner were not living separate and apart f.

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You can allocate up to 50% of your eligible pension income to your spouse or common-law partner. Only one joint election can be made for a tax year.

For the purpose of the joint election to split pension income, the transferring spouse or common-law partner is the individual who receives eligible pension income and elects to allocate part of that income to their spouse or common-law partner (the receiving spouse or common-law partner).

There is no option to include only part of the spouse's dividends. There is no special form to fill out to do this. The spouse's dividends would just be included on the taxpayer's income tax return. Transferring the dividends may not always be beneficial.

Canada's experimentation with income splitting began with pension in- come in 2007 and the federal Conservatives have pledged to extend income splitting to all families with children under 18 after the budget is balanced.

The receiving spouse does not need to be over 65. If both spouses have eligible income, a decision will need to be made on who will act as the transferring spouse. Typically, this will be the spouse with the higher income. Once that is decided, form T1032 — Joint Election to Split Pension Income — can be filed.

Calculating your eligible pension income (line A of your T1032) Where can I find the total tax that was deducted from my pension income? The T1032 form is used if you (the pensioner) want to split your eligible pension income with your spouse or common-law partner (the pension transferee).

In order to be eligible for income splitting, an individual and their spouse both must reside in Canada by the end of the calendar year unless for reasons such as work or school.

For example, those above the age of 65 who are not receiving credits such as CPP (Canada Pension Plan) can split their income from their RRSP, RRIF, and other qualifying payments.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232