December 2016

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!

Leave a Reply

Your email address will not be published. Required fields are marked *