Q&A With Gordon Pape: Splitting RRIF Income

Can I split my RRIF income with my wife?

Q – Thank you for all fine articles and books over the years. I have learned a lot by reading.

I have just turned 65 (Feb. 2017). I plan to convert my LIRA and RRSP to a LIF and RRIF in March and start drawing income. Question: In 2017, can I split RRIF income with my wife, as I was 64 on Jan. 1 of this year? My wife is turning 60 in March and will have no income for five years. – Dave M.

A – Yes, RRIF income can be used for pension income splitting and for claiming the pension tax credit in the year you turn 65 (in your case 2017). You both have to sign form T1032 to enable income splitting. The fact your spouse is five years younger doesn’t matter. According to the Canada Revenue Agency website: “You are not prevented from splitting your eligible pension income because of the age of your spouse or common-law partner.” – G.P.

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