SAVE more money in RETIREMENT with Income Splitting

Today's video is all about Income Splitting. I believe all Retiree's should be paying as little as possible in taxes and if you understand where you can split your income it may save you a lot. This video is for those Retiree's that are married or common-law. By understanding this principal you can MAKE YOUR RETIREMENT REMARKABLE!

-------CONTENTS OF THIS VIDEO-----
0:00 - INTRO
2:15 - WHAT IS INCOME SPLITTING
2:36 - WHAT INCOME CAN YOU SPLIT
3:46 - UNDERSTANDING CPP AND OAS
4:17 - IS INCOME SPLITTING BENEFICIAL?
6:33 - HOW TO SPLIT YOUR INCOME

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DISCLAIMER: I’m not a financial adviser. These videos are for educational purposes only. No official financial advice is being given. Please always check with a professional before making any investments or financial decisions. Your investments are your sole responsibility, these videos merely share my own opinions with no guarantee of gain or losses.

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[odeteoliveira]

Great video, can a couple split a Lira or a Lif?

[lwest]

I've watched numerous videos on this now and nobody mentions the tax that the transferee woukd then be required to pay. Is it on the next years income tax return that taxes on the transferred amount must be paid or at the time of the actual transfer, ie this year? Even if the splitting reduces the amount of tax, it still has to be paid right? Example if $20k is transferred to the lower income spouse (gross $5000 income), then the lower income spouse now has $25k income and now pays tax not on 5k but on 25k.

[CalmPlains]

Great information! I actually didn't know you could split defined benefit pension income prior to 65! Amazing!

If you think it is beneficial on your end, maybe consider putting "in Canada" within your video titles. I watch a lot of retirement content, and it is hard to find Canadian specific videos on the subject, but having Canada in the title makes it so much easier when browsing deep into my search results to see what is relevant. At least in my case, I would have found your channel much sooner!

[patlachance]

If I understand this right, there is no minimum age to split income from Defined Pension. I am 44 and retired from a government job and receiving a Defined Benefit pension. I am working at another job as well. I can split my DB income with my wife at 44?

[marcelmed]

Not sure I completely agree on the comment related to OAS clawback where the husband made 80K and his wife had no income. My understanding the clawback is based on net income not gross. The husband would be still a long way from OAS clawback.

[DavidBeauregard-ixhq]

Of the 80 K. His cpp and oas portion of that he cannot income split?

[limesgalam]

Hello, the link to facebook group seems to be not working