Form T1032 E PDF Details

The T1032 E form, known as the Joint Election to Split Pension Income, plays a crucial role for couples in managing their taxable income efficiently in Canada for the 2013 tax year. This form enables pensioners to allocate a portion of their eligible pension income to their spouse or common-law partner, potentially leading to significant tax savings. The eligibility for this election rests on several conditions, such as both parties being residents of Canada on December 31, 2013, or at the time of one's death, not living apart due to marriage or common-law partnership breakdown at the year's end, and the pensioner having received qualifying pension income. This form must be filed by the stipulated deadline, with provisions allowing for late or amended filings under certain criteria. Detailed steps guide the pensioner and the pension transferee through the process of calculating the maximum and elected split-pension amounts and the subsequent impact on their income tax returns. The joint certification at the end of the form underscores the joint liability of both parties for the accuracy of the election and its tax implications. Notably, the form emphasizes the need for alignment in the information provided on both individuals' returns, stipulating specific calculations for pension income amounts and tax deductions. The process underscores the importance of accuracy and compliance with regulations, providing a clear pathway for eligible couples to optimize their tax outcomes.

QuestionAnswer
Form NameForm T1032 E
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other names2019 t1032 cra, how to fill out cra form t1032, form t1032, how to request t1032 form

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Joint Election to Split Pension Income for 2013

Protected B

when completed

 

Complete this form if you (the pensioner) are electing to split your eligible pension income with your spouse or common-law partner (the pension transferee) and if all of the following conditions are met:

•You and your spouse or common-law partner were not, because of a breakdown in your marriage or common-law partnership, living separate and apart from each other at the end of the year and for a period of 90 days or more beginning in the year.

•You and your spouse or common-law partner were residents of Canada on December 31, 2013 (or on the date of death).

•You received pension income in the tax year that qualifies for the pension income amount (see line 314 in the General Income Tax and Benefit Guide) or you were 65 years of age or older and received certain qualifying amounts distributed from a retirement compensation arrangement (Box 17 of your T4A-RCA slips, Statement of Distributions from a Retirement Compensation Arrangement (RCA)).

Only one joint election can be made for a tax year. If both you and your spouse or common-law partner have eligible pension income, you will have to decide which one of you will act as the pensioner and elect to allocate part of their eligible pension income to his or her spouse or common-law partner (the pension transferee). This form is to be filed by your filing due date for the year. For more information on filing due dates, see the General Income Tax and Benefit Guide.

Under certain circumstances, we may allow you to make a late or amended election, or revoke an original election. For more information, contact us.

If you are filing electronically, keep this form in case we ask to see it. If you are filing a paper return, this form must be completed, signed and copies attached to both your and your spouse's or common-law partner's returns. The information on the forms must be the same.

Step 1 – Identification

Information about you (the pensioner)

Last name

First name

Social insurance number

Home address

 

Postal code

 

 

 

Information about your spouse or common-law partner (the pension transferee)

Last name

First name

Social insurance number

Home address (if different from above)

 

Postal code

 

 

 

Step 2 – Calculation of the maximum split-pension amount

To calculate the amount of eligible pension income for the purpose of this election, you (the pensioner) must complete the chart for line 314 on the Federal Worksheet which you will find in the forms book.

Enter on this line, the total amount from line A of the chart for line 314 of your Federal Worksheet.

6802

If you were 65 years of age or older on December 31, 2013 (or on the date of death) and received amounts in the form of life annuity payments from a retirement compensation arrangement, complete lines 1 and 2. Otherwise, enter "0" on line B, and continue on line C.

 

Enter the amount from box 17 of your T4A-RCA slips.

6806

 

 

1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$94,383 minus amount from line A

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enter the lesser of lines 1 and 2.

 

+

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Add lines A and B.

 

 

 

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If your marital status changed during the tax year, calculate the eligible pension income for the period that you were married or living common-law by completing the calculation for line D below. Otherwise, enter the amount from line C on line E.

Number of months you were

 

 

×

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

married or living common-law

 

 

 

 

 

 

 

 

=

 

 

 

 

6803

 

Amount from

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of months

 

12 *

line C

 

 

 

 

 

 

in the tax year

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Enter the amount from line D if it applies. Otherwise, enter the amount from line C.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

×

 

 

Multiply the amount on line E by 50%.

 

 

 

Maximum split-pension amount

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*For a deceased pensioner, use the number of months up to and including the month of death.

A

B C

D

E

F

Step 3 – Elected split-pension amount

Enter the amount, not exceeding the amount from line F, that you (the pensioner) and your spouse or common-law partner (the pension transferee) jointly elect to be your split-pension amount for the year.

If you are the pensioner, deduct this amount on line 210 of your return.

If you are the pension transferee, report this amount on line 116 of your return.

G

Go to Step 4 on the next page. 5

T1032 E (13) (Vous pouvez obtenir ce formulaire en français à www.arc.gc.ca/formulaires ou en composant le 1-800-959-7383.)

Protected B

when completed

Step 4 – Pension income amount

Part A – If you are the pensioner, complete the following calculation: Amount from line A

Amount from line G unless Note 1 below applies

Line H minus line J

Enter on line 314 of your Schedule 1, $2,000 or the amount from line K, whichever is less.

Do not enter the amount from line K anywhere else on this form.

–

=

H

J

K

Part B – If you are the pension transferee, complete the following calculation:

 

 

 

 

 

 

If you have an amount on line 115 or line 129 of your return, enter the amount from line A from the chart

 

 

 

 

 

 

for line 314 on your Federal Worksheet. Otherwise, enter "0".

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount from line J unless Note 2 below applies

 

+

 

 

 

 

 

 

 

 

 

 

Add lines L and M.

 

 

 

 

 

 

Enter on line 314 of your Schedule 1, $2,000 or the amount from line N, whichever is less.

 

=

 

 

 

 

 

 

 

 

 

 

Do not enter the amount from line N anywhere else on this form.

Note 1

If you entered an amount on line B, enter on line J the amount from line G excluding the proportionate amount of line B included in the amount at line G. The proportionate amount is calculated as follows: (line B ÷ line C) x line G.

L

M

N

Note 2

If the amount on line L is less than $2,000, you (the pension transferee) were under age 65 on December 31 of the year and the pensioner is age 65 or older, and he or she received any RRIF, RRSP, other annuity payments, variable pension benefits paid from a money purchase provision of a registered pension plan, or a payment out of a pooled registered pension plan (other than amounts received due to the death of his or her former spouse or common-law partner), calculate the amount to enter on line M as follows (use a separate sheet):

(1)Exclude from the amount at line A of this form any RRIF, RRSP, other annuity payments received by your spouse or common-law partner, variable pension benefits paid from a money purchase provision of a registered pension plan, or a payment out of a pooled registered pension plan (other than amounts received due to the death of his or her former spouse or common-law partner).

(2)If the balance from (1) above is $4,000 or more, enter on line M the amount from line J.

(3)If the balance from (1) above is less than $4,000, complete the Step 2 calculation using the balance from (1) as the amount for line A. Enter on line M the lesser of the amount from line J or the result of the Step 2 calculation excluding the proportionate amount of line B included in the amount at line G.

Step 5 – Income tax deducted (line 437)

Enter the total tax deducted from your (the pensioner's) information slips

 

that relates only to the pension income entered on line C.*

6804

•O

*If your (the pensioner) information slip(s) include(s) income tax deducted for both eligible and non-eligible pension income, you must calculate and include on line O the part of income tax deducted that relates only to the pension income entered on line C.

You must complete the following calculation to determine the part of the tax deducted that relates to the elected split-pension amount:

Amount from line O

 

 

 

 

×

Amount from line G

 

 

 

 

 

 

 

=

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

• P

 

 

 

 

 

Amount from line C

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6805

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

If you are the pensioner, complete the following calculation to determine the amount to enter on line 437 of your return:

Total tax deducted from all your slips**

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount from line P

 

–

 

 

 

 

 

 

 

 

 

 

Line 1 minus line 2

 

=

 

 

 

Enter the result on line 437.

 

 

 

 

 

 

 

 

 

 

 

1

2

3

If you are the pension transferee, complete the following calculation to determine the amount to enter on line 437 of your return:

Total tax deducted from all your slips**

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount from line P

 

+

 

 

 

 

 

 

 

 

 

 

Line 1 plus line 2

 

=

 

 

 

Enter the result on line 437.

 

 

 

 

 

 

 

 

 

 

 

1

2

3

**Enter the amount that you would have entered on line 437 of your return if you did not choose to split your eligible pension income. If you were a resident of Quebec on December 31, 2013, do not include any of your Quebec provincial income tax deducted.

Step 6 – Joint certification

By completing this form and signing below, we jointly elect and agree that the split-pension amount entered on line G of Step 3 will be deducted in computing the net income of the pensioner and reported as income by the pension transferee on our income tax returns for the 2013 tax year. We understand that we will be jointly and severally liable for any amounts of tax, interest and penalties that may be owing as a result of this election.

Sign here

Date

 

 

Pensioner

 

Spouse's or common-law partner's signature

Date

 

 

Pension transferee

 

 

It is a serious offence to make a false statement.

 

Privacy Act, Personal Information Bank number CRA PPU 005

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Filling out part 1 of cra tax form t1032

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cra tax form t1032 writing process shown (part 2)

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cra tax form t1032 completion process explained (portion 3)

4. The next paragraph needs your information in the subsequent places: Step Income tax deducted line, If your the pensioner information, You must complete the following, Amount from line O, Amount from line G, Amount from line C, If you are the pensioner complete, If you are the pension transferee, Total tax deducted from all your, Line minus line Enter the result, Total tax deducted from all your, Line plus line Enter the result, Enter the amount that you would, Step Joint certification, and By completing this form and. It is important to give all of the needed info to move onward.

cra tax form t1032 conclusion process shown (stage 4)

Those who use this form often get some points wrong when filling out If you are the pension transferee in this area. You need to go over everything you type in right here.

5. Now, this last section is precisely what you'll want to finish prior to closing the PDF. The blanks at this point include the next: By completing this form and, Sign here, Spouses or commonlaw partners, Pensioner, Date, Date, It is a serious offence to make a, Pension transferee, and Privacy Act Personal Information.

Filling out segment 5 in cra tax form t1032

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