Pension income splitting provides Manitoba seniors with tax relief

January 06, 2010

(Winnipeg) - The Government of Canada’s pension income splitting initiative is helping Manitoba seniors save more of their hard earned pension income says the Honourable Steven Fletcher, Member of Parliament for Charleswood-St. James-Assiniboia.

“Since 2007, income splitting has been available for pensioners in Manitoba,” said Fletcher. “With this initiative, Manitoba seniors are able to keep more of their pension income for their retired life.”
   
Pension income splitting allows Canadians who qualify for the existing pension income credit, to allocate to their resident spouse or common-law partner up to one-half of that income for the purpose of income tax.  Pension income splitting was introduced under the 2006 Tax Fairness Plan.

“Pension income splitting is another example of how our government continues to support seniors,” said Fletcher. “We are relieving the tax burden felt by our seniors who have worked hard to save for their retirement.”