Pension Splitting in 2007
 

Pension Splitting between spouses and partners will be permitted in Canada for the current (2007)Tax year. Eligible pension includes Registered Pension Plan (RPPs), Registered Retirement Income Funds (RRIFs).
A February 6th article in the National Post said that 85% of U.S. Social Security benefits could be split. A Finance Official said that it would be permitted, but is not on the published list of eligible payments, because it is not a "major" form of income. If U.S. Social Security can be split, surely U.K. Pension payments would receive similar treatment.
Does anybody know if we can split foreign pension payments - or how to get an answer to this question?

Re: Pension Splitting in 2007
 

I don't know the answer to your question, davhom.

If I were you, I would phone Canada Revenue Agency. They have been helpful towards me when I have phoned them.

Their toll free number is 1-800-959-8281.

Their website states:

Re: Pension Splitting in 2007
 

Thank you Judy. I will try that approach and post any result.
David

Re: Pension Splitting in 2007
 

Just a quick comment this applies as you have said to the 2007 tax year so you have until April 2008 to figure this out. You can't do anything about it until you file your 2007 taxes.;)

Maybe you could wait until after May 1st to ask. I'm pretty sure the people at the tax office would much rather field calls relating to the 2006 tax year this close to the deadline.

Just a thought.

Cheers
Steve

Re: Pension Splitting in 2007
 

Good thought Steve. I will pursue this in May, rather than wait until the year end, as there may be a need to do a bit of work to get this resolved!

Any other comments are welcome.

Cheers, David.

Re: Pension Splitting in 2007
 

It appears that the good:confused: mandarins in Ottawa have now decided to clarify how income splitting is going to work.

Info in today's "Saturday August 11th" Edmonton Sun.

Cheers
Steve