How do you split your pension income?
You (the pensioner) and your spouse or common-law partner (the pension transferee) must make a joint election on Form T1032, Joint Election to Split Pension Income.
This form must be completed, signed and attached to both your and your spouse's or common-law partner's paper returns and filed by your respective filing due date. The information on the forms must be the same.
You can allocate up to half (50%) of your eligible pension income to your spouse or common-law partner.
Only one joint election can be made for a tax year. If both you and your spouse or common-law partner have eligible pension income, you will have to decide which one of you will act as the pensioner and elect to allocate part of their eligible pension income to his or her spouse or common-law partner (the pension transferee).
If you and your spouse or common-law partner elected to split eligible pension income in 2013, you do not have to use the same percentage in 2014.
Under certain circumstances, we may allow you to make a late or amended election, or revoke an original election if the application is made on or before the day that is three calendar years after the filing-due date for the year that the election applies. You and your spouse's or common-law partner must agree to any amendment or revocation of the election.
If you want to amend the amount elected previously, or make any changes to the previously reported pension income, a new fully completed and jointly signed Form T1032 would be required.
If you want to revoke the election to split pension income, you have to send a letter requesting to revoke the election and the letter must be signed by you and your spouse's or common-law partner.
For more information, contact us.
Forms and publications
- General Income Tax and Benefit Package - Guide, Return, and Schedules
- Form T1032, Joint Election to Split Pension Income
- Line 115 - Other pensions or superannuation
- Line 116 - Elected split-pension amount
- Line 129 - RRSP income
- Line 210 - Deduction for elected split-pension amount
- Line 314 - Pension income amount
- Date modified: