Fillable T1032 Joint Election to Split Pension Income for 2020

What is form T1032 Split Income for 2020?

Form t1032 joint election to split pension income is used to report pension income that has been split between you and your spouse or common-law partner. Under the Income Tax Act, there are restrictions on who can split their income. To be eligible, you must be related to the person you are splitting your income with. This includes your spouse or common-law partner.

What is T1032 Split Income 2020 used for?

If you and your spouse or common-law partner both receive pension income, you may be able to split this income for tax purposes. This could reduce the amount of tax you pay.

You can split eligible pension income if all of the following conditions are met:

• you’re a resident of Canada for tax purposes

• you’re married or in a common-law relationship with each other

• you file your tax return together

• you or your spouse or common-law partner was 65 years of age or older on December 31 of the tax year

• you received eligible pension income during the tax year

How to Fill out T1032 Split Income 2020?

The T1032  form, also known as the Split Pension Income form, allows you to do just that. Here's a step-by-step guide on how to fill it out.

1. Enter your name, address, and contact information at the top of the form.

2. Enter the name of the pension plan and the amount of pension income you received in the tax year.

3. Enter your spouse or common-law partner's name and contact information.

4. Enter the amount of pension income you want to split with your spouse or common-law partner. This can be any amount up to the total amount you entered in section A.

5. Both you and your spouse or common-law partner must sign and date the form.

6. Mail the completed form to the address indicated in the instructions.

How to submit T1032 Split Income?

After filling out the form t1032 split income, you need to send it to the pension fund. This form must be completed and filed by both you and your spouse or common-law partner in order to take advantage of the tax rules that allow for the splitting of pension income. T1032 tax form must be filed with your tax return.

Who should sign the T1032 Split Income?

The individual who is splitting their pension income should sign the T1032 form 2020.