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Altollstam
April 11, 2024
Question

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

  • April 11, 2024
  • 1 reply
  • 0 views

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

    1 reply

    G
    GHarpe
    April 11, 2024

    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."

     

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