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I retired in 2009 and decided to take the commuted value of my pension instead of a monthly pension.
My wife is still working and has a fairly good income and we are basically living of her salary and and a small buisness we own.
I will have very little income in 2010 and am wondering if we will be able to income split to save some taxes ?
 

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I am sure that your accountant could give some recommendations for you as you both own the business.
 

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Based on the information you provided in 2010 there is no qualified pension income and therefor income splitting is not allowed. Qualified pension income would be a payments from a company pension, or a RIF payment/RRSP annuity payment (if over 65). CPP and OAS do not qualify. Due to attribution rules your business income has to be allocated to the percentage of funds contributed to the investment of the business.
 
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