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This version of the form is not currently in use and is provided for reference only. Download this version of
Form T1032
for the current year.
Form T1032 Joint Election to Split Pension Income - Canada
Form T1032 Joint Election to Split Pension Income in Canada is used by individuals who want to split their eligible pension income with their spouse or common-law partner. This form is used to calculate the amount of pension income that can be transferred to the spouse or common-law partner for tax purposes.
The Form T1032 Joint Election to Split Pension Income in Canada is usually filed by individuals who wish to split their pension income with their spouse or common-law partner.
FAQ
Q: What is Form T1032?
A: Form T1032 is a Joint Election to Split Pension Income in Canada.
Q: Who should use Form T1032?
A: Form T1032 should be used by individuals who want to split their pension income with their spouse or common-law partner in Canada.
Q: What is the purpose of splitting pension income?
A: The purpose of splitting pension income is to reduce the overall tax payable by a couple.
Q: How does pension income splitting work?
A: Pension income splitting allows a spouse or common-law partner to include up to 50% of their eligible pension income on their partner's tax return.
Q: What is eligible pension income?
A: Eligible pension income includes income from registered pension plans, registered retirement income funds (RRIFs), and annuity payments from certain sources.
Q: How can I apply for pension income splitting?
A: To apply for pension income splitting, both you and your spouse or common-law partner must complete and file Form T1032 with your income tax return.
Q: Are there any restrictions on pension income splitting?
A: Yes, there are some restrictions on pension income splitting. For example, the individual receiving the pension income must be 65 years or older, and the pension income must be eligible.
Q: Is pension income splitting available in the United States?
A: No, pension income splitting is a tax provision available in Canada only.
Q: Is there a deadline for filing Form T1032?
A: Form T1032 must be filed with your income tax return by the filing deadline, which is usually April 30th, unless extended.
Download Form T1032 Joint Election to Split Pension Income - Canada
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