SISIP/RETRO/TAX/SLIPS

rifleman im the same as you although I opened the slips I really didn't take much of a look just enough to see what they were then put them in the pile. just took a better look at my 1198 the other day when someone mentioned they had 2 and sparrow told them so did she. so I took a good look and sure enough there was 2.

it will all get figured out last minuet and it will not get payed till the last minuet either hopefully when I get the bill back from them the 1198 would be done and ill end up paying less than the original calculation.

propat

Riffleman, that makes sense to me, I will give you credit, you have discipline.

Firebird, thanks, just was not sure of the amount of benefit one could receive by doing the pension split, from what you have posted it sure sounds worth it.

Sparrow, like firebird states, the T5 goes under, Interest and other Investment income, mine was put on Line 121.

Yes , 50% is the maximum. The T5 amount goes under interest income.

When the tax program asks how much is the maximum 50%? for pension splitting? thanks. No worries as getting it done professionally on Monday. Anyone else put the T5 on line/box 170? as prompted to do so by the program? Then it shows up on the form as a business income?????

For me , pension splitting was the difference between owing money and receiving money. I split just enough to get a small refund preventing me from owing and my spouse was still able to get a refund with the additional income from my pension.

nope have no interest at all Trooper debt free now and want to enjoy until the last possible minute LOL

With reference to pension splitting, I did not have that option when I filled, but for those that do, will it, and or can it, lesson the impact on taxes owed, to a great degree ?

Riffleman, you haven't even opened and envelope yet. Well I would take a guess and say that you are not alone, by waiting until the very end.
I on the other hand do not have that type of discipline, as I opened all my slips, as soon as they arrived.
I must ask you this, are you not at all interested in your numbers, from any of your slips ?

Sparrow , form T1032 is the form for pension splitting.

Normally, the higher earner defers to the lesser earner, and is maxed at 50%, but you can choose much less, if you wish.

What are the rules about pension splitting? Is it the higher income earner that defers to the lower income and how much is it a percentage. The tax program didn't exactly explain it. Thanks.

Thanks , propat.

Not doing mine until the last possible minute have not even opened an envelope yet

Well I would have thought that more members would have had their taxes done by now.

Where did Navrat go ? perhaps he skipped the country.

Thanks LTD, just completed my taxes on a computer program and we owe $10,330 and that is with a 32K RRSP.