If you're splitting pension income with your partner and the amount on line 43700 (total income tax deducted) seems incorrect, here's what you need to know:
Key points:
- When you split pension income, you must also split the associated tax withheld
- This splitting affects the calculation of line 43700 for both partners
How to verify the calculation:
- Navigate to the Summary > Documents section in your profile
- Locate and open form T1032 (Joint Election to Split Pension Income)
- Go to Step 5 of form T1032
- This step shows how line 43700 is calculated for both the Pensioner and the Transferee
- The calculation in T1032 overrides the regular calculation for line 43700
Important notes:
- The split of tax withheld ensures that each partner's tax situation accurately reflects the pension income they're reporting
- This splitting may result in an amount on line 43700 that differs from what's shown on your T4A or other slips
Remember:
- Always keep your pension slips and other tax documents for reference
- Pension splitting can be complex, so double-check all calculations
If you're unsure about how pension splitting affects your tax return or have questions about the calculations, consider consulting with a tax expert.
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