Frank, age 63, and Linda, age 65, are retired and  each have an income of approximately $100,000.  The bulk of Linda's income comes from her  defined benefit pension plan (DBPP), CPP and  OAS, while Frank's income consists primarily of  CPP, and RRIF and TFSA withdrawals. The couple have approached you for advice regarding income splitting opportunities. How should you advise them and how are they beneficial to them?

Answer rating: 100% (QA)

Income splitting opportunities can be beneficial for Frank and Linda to optimize their tax situation ... View the full answer