Pension Splitting in 2007
#1
Thread Starter
Just Joined
Joined: Apr 2007
Posts: 4

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?
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?
#2
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:
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:
Agents are available Monday to Friday (except holidays) from 8:15 a.m. to 5:00 p.m. (local time). However, from mid-February to April 30, these hours are extended to 10:00 p.m. weekdays, and from 9:00 a.m. to 1:00 p.m. on weekends.
#3
Thread Starter
Just Joined
Joined: Apr 2007
Posts: 4

Thank you Judy. I will try that approach and post any result.
David
David
#4










Joined: Jul 2005
Posts: 15,883

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?
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?

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
#5
Thread Starter
Just Joined
Joined: Apr 2007
Posts: 4

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.
Any other comments are welcome.
Cheers, David.
#6










Joined: Jul 2005
Posts: 15,883

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






