Using income amounts previously entered by you in your return, the optimizer will determine the split amount that yields the best overall outcome for you and your spouse. Simply use the pension splitting optimizer within the software. If you prepare your return using TurboTax Standard, Premier, or Self-Employed, finding the best possible amount to split is easy. No more than 50 percent can be allotted to your spouse or common-law partner.
Under the Income Tax Act, a late-filed pension-splitting election can be made up to three calendar years after the filing. Just learning about this now and think you may have missed out on prior years You may still be able to catch up. The same amount of pension that is withheld from the pensioner’s income is claimed on the pension transferee’s income tax return. Revenue Agency Form T1032, Joint Election to Split Pension Income and file the forms with your returns. Under certain circumstances, CRA will allow you to amend the form T1032 Joint Election to Split Pension Income or revoke it. Use form T1032 to calculate the amount you can transfer from all sources of eligible pension income.
If you and your spouse or common-law partner both receive eligible pension income, you must make a choice of who will be the pensioner and who will be the pension transferee. There can only be one joint income-splitting election during a tax year.
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