Pension Income Splitting

The 2007 tax year was a big win for seniors when the Government introduced pension income splitting which allows lowering income taxes between spouses. Prior to these new rules, only Canada Pension Plan could be split but the calculation was done by the Government and was not straight forward. How Pension Splitting Works In order to split your pension income,…

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Read more about the article What Is Eligible Pension Income?
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What Is Eligible Pension Income?

If you receive certain pension income, you may be able to claim the $2,000 pension income tax credit (also known as the pension amount) as well as split this pension income with your spouse or common law partner. But what pension income qualifies? If You Age 65 Or Older If you are over the age of 65, the following qualifies…

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What Is A Trust?

Simply speaking a trust is a relationship where one person (the settlor) transfers assets to a trustee for the benefit of a third person (beneficiary). The trustee manages the assets for the benefit beneficiary. In more formal terms, a trust is a relationship whereby a person (the settlor or donor) transfers property to another person (the trustee) for the benefit…

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