Robert Romington lives with his spouse , Roanna. Both Robert and Roarina are 66 years old and

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Robert Romington lives with his spouse , Roanna. Both Robert and Roarina are 66 years old and during 2020 they each receive $7400 OAS payments. Despite hating his job, thanks to many years with his employer, Robert now receives $88, 000 in pension Income from the plan that was sponsored by that employer .Robert also earns 30,000 in rental income and 30.000 in business income. roanna has no source of income other than the OAS payments receives. Neither of them have applied for CPP and they have no tax credits other the personal credit, the age credit, and pension income tax credit.

Instructions:

1. Determine the maximum pension splitting to be recommended.

2. Determine Robert and roanna's taxable income before and after the split.

Posted Date: Dec 09, 2021 02:27 PM

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Robert Romington lives with his spouse , Roanna. Both Robert and Roarina are 66 years old and

Question:

Expert Answer:

ANSWER 1 Pension splitting allows you to allocate up to 50 of your eligible pension income with your spouse or commonlaw partner for income tax purpos... View the full answer

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