How do you claim the pension income amount?

If the transferring spouse or common-law partner and the receiving spouse or common-law partner elected to split their eligible pension income, follow the instructions at Step 4 on Form T1032, Joint Election to Split Pension Income, to calculate the amount to enter on line 314 of both spouse's or common-law partner's Schedule 1.

The transferring spouse or common-law partner will be able to claim whichever amount is less:

  • $2,000
  • the amount of your eligible pension income, after excluding amounts allocated to the receiving spouse or common-law partner

The receiving spouse or common-law partner will be able to claim whichever amount is less:

  • $2,000
  • the amount of their pension income that is eligible for the pension income amount (based on the calculation for line 314 on the Worksheet for Schedule 1), including the allocated pension income that is eligible for the pension income amount

Notes

The pension that qualifies for the pension income amount for the transferring spouse or common-law partner does not necessarily qualify for the pension income amount for the receiving spouse or common-law partner because eligibility can depend on age.

Read the note in Step 4 of Form T1032 to determine the amount to enter on line 314 of your spouse or common-law partner's Schedule 1.

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