Pension Income Splitting     

• A pensioner can split a maximum of 50% of eligible income with his or her spouse.
• Income eligible for pension income splitting include:
  1. Registered Pension Plan Income; and
  2. If Pensioner is 65 years or older, RRSP annuity and RRIF income
• OAS and CPP are not eligible income.
• The pensioner will claim a deduction for the amount split (please see other deductions notes).
• The spouse will include the amount split on his or her tax return.
• Pension income splitting is done under schedule 1032 – Joint Election to Split Pension Income.