Pension Income Splitting

Pension Income Splitting helps ease the tax burden to Canadian Pensioners. Generally, individuals who are 65 or older can allocate for tax purposes up to a maximum of 50% of the annual income received from a lifetime annuity, registered pension plan, RRSP annuity, registered retirement income fund (RRIF), or deferred profit sharing plan annuity to a spouse. In addition, the receiving spouse is not required to be 65 or older to receive an allocation. The amount allocated can be changed each year for the benefit of the couple. This is great news for senior couples! To find out more, contact us!

Video via the Canada Revenue Agency.

April 10, 2015 admin 1 Comment Tax Credit, Taxes

About the author

Angela Rosa is the President and CEO of AMR Services. She has more than 20 years of experience in the accounting field and works hard to ensure the success of her business as well as that of her clients. She also successfully meets the challenge of balancing her professional and family life, running her accounting services business while raising two children.“There is no magic potion,” Angela says.“Determination, perseverance, patience and knowing that you must balance both family and business is what gets me through.” In regards to her growing business, Angela makes sure that her clients are not treated simply as files. “Each company we work for has a unique methodology to their business. AMR Services applies the owner’s philosophy and business acumen to the work we complete on their behalf. Even though AMR Services operates as a separate and distinct contractor, the services we provide are personal. The relationship is not simply as a hired outside contractor but more so as partners, with each.”

1 comment

Arthur Turco says:

September 30, 2015 at 7:13 pm

Hi, just wanted to tell you, I enjoyed this post. It was inspiring.Keep on posting!

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