Question

How does income splitting work for someone 65?

Forum|Forum|4 years ago
February 25, 2022
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If you meet the qualifications, you can split your taxable income — including pension splitting, and tax on split income (TOSI) — with your spouse to help save money. This allows the spouse with a higher taxable income to reduce their tax payable by transferring some of their taxable income to the spouse in the lower tax bracket. This can reduce the couple’s overall taxes owed.

Useful Links:

Tax Tip: Income splitting benefits

How do I split my pension income with my spouse?

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