ARTICLE · 08 DECEMBER 2016

Tax Tips 2016: Retirees And Pre-Retirees

Crowe Soberman LLP

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From our annual Tax Tips guide, here are the tips and suggestions for retirees and pre-retirees for the year 2016.

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Crowe Soberman'S Tax Group

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From our annual Tax Tips guide, here are the tips and suggestions for retirees and pre-retirees for the year 2016.

Tax Tips

Income splitting opportunity

Individuals receiving pension income that qualifies for the pension credit can allocate up to half of this income to their spouse or common-law partner. A determination of the optimal allocation should be considered in tandem with the couple's continued ability to qualify for Old Age Security payments and certain personal tax credits.
An individual's RRSP must be converted to a Registered Retirement Income Fund (RRIF) or be used to acquire a qualifying annuity by the end of the year in which the individual turns 71.

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