Your income is higher than your spouse (c/l*) – Are you eligible for pension income splitting?
How does it work?
Allocate up to 50% of eligible pension income to the spouse (c/l) at the lower marginal tax rate
Examples of eligible pension income: A company/government pension plan, life annuity, or income from a RRIF or LIF.
Benefits
A shift in marginal tax rates could reduce tax for the household reducing net income can help avoid OAS claw back
Example: 100K of eligible pension income is received. Upon filing your tax return, both will make a joint election to income split. Deduct 50K from your income and add 50K to your spouse (c/l) income