January 17, 2024

202. Income Splitting Strategies for Couples in Canada

Show Notes

Wealth Without Bay Street
Wealth Without Bay Street
202. Income Splitting Strategies for Couples in Canada

Wealth Without Bay Street 202: Income Splitting Strategies for Couples in Canada

Curious about how to split income with your partner or spouse? It's a question on everyone's mind, especially when the rules keep changing and it becomes a myriad of complications. People are eager to find ways to maximize their tax benefits.  

Our good friend, Dan Allen, joins us to discuss the concept of income splitting. Dan, being a seasoned individual with experience under various governments and tax environments, brings a wealth of knowledge to the table. Don't miss out, tune in and get ready to learn!  

Income Splitting Strategies for Couples in Canada  

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[00:44] Introduction 

[05:15] Planning for this tax-saving strategy is not just for older individuals 

[09:59] Pension income splitting: what you need to know 

 [17:40] Spousal or partner RRSPs  

[18:57] The three-year attribution rule  

[25:24] Implement this strategy from personal examples 

[31:39] How does a higher income earning spouse or partner pay premiums on a dividend paying whole life policy for the lower income earning spouse or partner 

[35:26] Different ways to utilize income splitting as a passive income type strategy 

[37:48] Why you can't actually ‘split’ but only ‘share’ your Canada Pension Plan (CPP) retirement pension 


  • Make it a part of your 2024 goals actually to sit down and think about your tax planning. 
  • You can't split it, but you can share your Canada Pension Plan (CPP) retirement pension with your legal spouse or common-law partner and save on taxes.  
  • Learn the rules and opportunities to do income splitting that are legal and fit within the tax guidelines in our country.  

#WWBS #RichardCanfield #DanAllen #BeYourOwnBanker #InfiniteBanking #IncomeSplitting #TaxStrategy #WealthManagement #Education #WholeLifeInsurance #InvestmentStrategies #FinanceTips #Canada 

 Dan Allen is a dedicated financial advisor from Alberta who is passionate about boosting your financial well-being. With extensive knowledge in wealth management and as an independent insurance broker, Dan specializes in assisting professionals, business owners, and farmers to unlock their financial potential. His tailored approach is designed to guide individuals and entrepreneurs on their unique financial journey, helping them turn their dreams into reality. 

Dan's expertise lies in truly understanding your individual circumstances and ambitions. By leveraging the power of the Infinite Banking Concept, he uncovers opportunities and provides solutions that address multiple challenges. From taking charge of your banking function to navigating potential risks during retirement and safeguarding your hard-earned savings from market downturns, Dan is your trusted ally. 

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