The form has to be signed by both parties and be available upon request by CRA.To split your pension income, you and your spouse or common-law partner must complete a Form T1032 - Joint Election to Split Pension Income.You may transfer up to 50 percent of your pension to your spouse or common-law partner.It is important to note that Quebec taxpayers under 65 are no longer able to split pension income for provincial income tax purposes only.
This technique reduces your taxable income by shifting a portion to the lower-earning partner, thus reducing your overall tax burden as a retired couple or household. If you receive a larger pension than your spouse or common-law partner, it may be beneficial to transfer over a portion of your income on your tax return.