Good news for senior citizens!!!

Beginning with 2007 income tax returns, Canadian residents can split pension income with a spouse or common-law partner.

Generally, up to one-half of your income that qualifies for the existing pension income tax credit can be allocated to your spouse for income tax purposes. The amount allocated is deducted in determining your net income and is included in the net income of your spouse.

To find out how you can split your income efficiently in 2007, feel free to call us. For more details, please check the CRA's website.