Is this you?
- I receive eligible pension income
- My spouse has significantly lower income
- No income-splitting election was made
"Income splitting happens automatically."
Pension income splitting requires an annual election. If missed, the tax savings are lost for that year.
Why guessing is risky
- Higher combined household tax
- Increased OAS clawback exposure
- No retroactive fix in most cases
Safe to ignore if
- No eligible pension income exists
- Spouses have similar incomes
Stop and check if
- Large pension income gap exists
- No election was filed
Resolve the doubt
Check my pension split opportunity (2 minutes)We'll tell you if this needs reporting and what to do next.
"Most couples recover value by electing correctly next year."