Deduction for retirement income transferred to your
spouse - Quebec
From now on, to make the choice to transfer a portion of your
retirement income to your spouse on December 31, you should be 65
years of age or older at the end of the year.
The deduction for retirement income transferred to your spouse
will be entered on line 245 of the Quebec return. While
the federal deduction will be entered on line 2100 of the
federal return.
You are entitled to this deduction if you were 65 years or older
at the end of the tax year, had a spouse and you have both decided
that part of your retirement income should be included in your
spouse's income.
In its calculations, the program considers the rules governing
pension income splitting. It considers all the factors involved to
determine the optimal amount of pension income to be transferred to
the other spouse.
However, if you and your spouse file your income tax returns
separately, the program will not maximize the pension income
splitting.
If you want to change the split, proceed as follows:
1. On the "Left-side menu of the Interview
tab", select "Pension income, T4A, split
pension".
2. On the page to your right, choose the option "Split
pension income with your spouse".
3. For the line "Do you wish to split eligible pension
income with your spouse for Quebec purposes?", from the
drop-down menu on your right, choose the option that suits you best
among the following three:
a) Let MaxBack decide.
b) Transfer to spouse (if eligible). If you
choose this option, you must specify the amount that you
transfer.
c) Do not transfer to spouse.
Moreover, under the "Tax return" tab, you will
find a document entitled "Report on split-pension
income". By reviewing this report, you will be able to
determine which one of the possible pension incomes splitting
scenarios is the most beneficial for your couple.
However, please note that if you have chosen "Do not
transfer to spouse" from the drop-down menu on the
"Splitting of pension income between spouses"
page, no report will be produced. Although the decision is up to
you, keep in mind that if you wish to take advantage of pension
income splitting, you must file your tax returns
jointly.
For more information, please consult the following links:
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/96-to-164-total-income/line-122/
https://www.revenuquebec.ca/en/citizens/income-tax-return/completing-your-income-tax-return/completing-your-income-tax-return/line-by-line-help/201-to-260-net-income/line-245/
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Webpage: KPA365-20210903091753DE.htm
