If you’re receiving or close to receiving a CPP pension, this Tip could benefit you.

CRA allows the sharing of CPP pensions between spouses. If one of the married or common law spouses has a lower tax rate, this will be beneficial to the couple. An election has to be made to receive CPP pensions in this fashion, as well as to revert back to each spouse receiving their own CPP pension.

If spouses share CPP pensions, note CRA requires both of them to be at least 60.

This won’t produce major tax savings, but every bit helps!

This month’s Tip has nothing to do with insurance, investments, taxes or wills!! It’s about how much your home phone is costing you!

Some people have dispensed with their home phone. However, there are many who still have one. Most of them monitor the service plans they have for their cell phones, and negotiate with their provider. However, they don’t have the same approach when it comes to the service provider for their home phone.

Unfortunately, I fell into this category and decided to take a look at it! I considered eliminating my home phone service completely. When I started to examine what I was being charged and what my alternatives were, it resulted in a reduction in my monthly charge from $70 to $20. A great return for a minimum amount of time, and I decided to keep our home phone service.

If you have a home phone, review the charges you’re paying and the service you’re receiving. I’m sure it will be time well spent.