WebTABLE OF CONTENTS 1 RRSP maturity options 2 RRIF withdrawals 4 RRIF withdrawal planning 5 Taxation and withholding tax 6 Spousal RRIFs and attribution rules 7 Pension income splitting and the pension income credit 8 Contributions and transfers 10 Qualified investments 11 Death of a RRIF annuitant 18 RRIF considerations for non-residents 18 … WebSep 21, 2024 · RRIF stands for Registered Retirement Income Fund. It is a retirement fund that pays when owners of a Registered Retirement Savings Plan or RRSP, as well as other …

Understanding Pension Income Splitting for Seniors

WebJun 8, 2024 · Income that can be split if the recipient is younger than 65 Life annuities out of or under a superannuation or pension. Except as outlined below, this is the only source that a taxpayer younger than 65 is able to split. Lifetime and bridging benefits would both qualify. WebSep 16, 2024 · Splitting Pension Income You may transfer up to 50 percent of your pension to your spouse or common-law partner. To split your pension income, you and your … proserver barco

How pension income splitting really works - MoneySense

WebMay 7, 2024 · If the beneficiary of the RRIF is someone other than a qualifying survivor, there’s no opportunity to split the date-of-death amount; this amount wouldn’t qualify as eligible pension income, and the deemed withdrawal at death would be taxed to the deceased. Pension income eligible for income splitting WebJan 9, 2024 · Payments from a RRIF While you’ll still receive the actual income, you can split it on your tax return to lower your payable tax. The federal government and each province (excluding Quebec) also have a pension income tax credit that can provide additional tax savings on eligible pension income. WebMar 3, 2024 · RRIF withdrawal rules. Converting to an RRIF will subject you to the minimum income rules but you do not have to start income until the year you turn 72. Technically, … researchgate yong teng