Q: Re James question about splitting income from a LIF...the following is from CRA's website:
What is eligible pension income?
Eligible pension income is generally the total of the following amounts received by the pensioner in the year (these amounts also qualify for the pension income amount):
the taxable part of life annuity payments from a superannuation or pension fund or plan; and
if they are received as a result of the death of a spouse or common-law partner, or if the pensioner is 65 years of age or older at the end of the year:
annuity and registered retirement income fund (including life income fund) payments; and
registered retirement savings plan (RRSP) annuity payments.
What is eligible pension income?
Eligible pension income is generally the total of the following amounts received by the pensioner in the year (these amounts also qualify for the pension income amount):
the taxable part of life annuity payments from a superannuation or pension fund or plan; and
if they are received as a result of the death of a spouse or common-law partner, or if the pensioner is 65 years of age or older at the end of the year:
annuity and registered retirement income fund (including life income fund) payments; and
registered retirement savings plan (RRSP) annuity payments.