UFile WINDOWS Promotions

Pension Splitting

November 19, 2010

The Government of Canada (and Quebec) now allows those who receive a pension to allocate up to half of their income from retirement income funds and superannuations to their spouse, on their tax returns. Splitting your pension with your spouse can mean big savings and is an important tax strategy for all senior couples.

For most pension earners and those who prepare returns for them, splitting pension income is next to impossible to get just right in the presence of all the available other valuable deductions and credits. These other variables must be accounted for in order to ensure the greatest benefit from this new measure.

Since the introduction of pension-splitting in tax year 2007, UFile has solved that problem for hundreds of thousands of couples. UFile`s unique MaxBack Refund Analyzer takes into account all tax deductions and credits when it calculates the pension income split. Only MaxBack can analyze all of the tax information entered and instantly deliver a result you can rely on.

How easy is it to prepare returns for couples with pension income using UFile? Just enter pension income and all other amounts as usual. Click on the Results tab and the MaxBack Refund Analyzer will prepare complete optimized tax returns including the optimal pension split. UFile will also produce the form T1032, Joint Election to Split Pension Income and even provide a simple but comprehensive worksheet that shows exactly how the split has helped minimize your taxes.