T1032 ISSUES

Rick1953 · ‎March 27, 2023

HAS THE T1032 PENSION INCOME SPLITTING CHANGED THIS YEAR? IS THERE A TIP ON WHO X'S IN THE TRANSFER. I DON'T REMEMBER THIS IN PRIOR YEARS. I HAVE CHOSEN BOTH AND WHEN I DO, THE CALCULATIONS STAY THE SAME ON THE PAGE INSTEAD OF CHANGING IT BACK WHEN YOU'VE CHOSEN THE CORRECT RETURN TO TRANSFER. I HAVE PRINTOUTS SHOWING THIS. ANY SUGGESTIONS. IT SEEMS LIKE ANOTHER FLAW. HOW DO YOU KNOW WHO TO CHOSE TO TRANSFER. IT WAS ALL DONE AUTOMACTICALLY BEFORE

janisbossenberry · ‎March 27, 2023

Remember not to enter an amount on the T1OPT on line G. If you don't put an amount there, the transfer does not happen. Just let it calculate the suggested transfer, but do not enter it until you know which option is best. Maybe make sure you have deleted the amount you entered on line G on the T1OPT on both taxpayers.

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janisbossenberry · ‎March 27, 2023

You were always able to select who was the pensioner and who was the transferee. If both have pension income which is eligible for splitting, it is almost always the taxpayer with the higher net income which is best to select as the transferor. However, if there is any doubt, select one of them on the T1032, do the optimization to see how much tax is saved on the T1032OPT (if any), but don't put in the amount on the "elected split-pension amount" line. then go back to the T1032 and change it to Pension Transferee, and do the optimization again. Now you will know which direction is best to choose.

Rick1953 · ‎March 27, 2023

thanx for your reply..i remember that profile always selected which was best. we could always override it but this seems different. I did what you suggested and chose the best route but when i did that, the split amounts did not change back on the transferee's return. It left them the same due to trying the transfer the other way just to check. i will go back to pf2021 and see if i'm losing it..anyway, have a great day

janisbossenberry · ‎March 27, 2023

Remember not to enter an amount on the T1OPT on line G. If you don't put an amount there, the transfer does not happen. Just let it calculate the suggested transfer, but do not enter it until you know which option is best. Maybe make sure you have deleted the amount you entered on line G on the T1OPT on both taxpayers.

Rick1953 · ‎March 27, 2023

THANKS. I MAY HAVE BEEN WRONG B4 ABOUT P/F CHOOSING IT AUTOMATICALLY.. I'LL JUST WATCH IT