Should I split my income and allocate it to my spouse?

The decision whether or not to split your pension is ultimately up to you and your spouse, and advice from a financial expert may be helpful in this regard.

When making this decision, it is important to consider that income splitting may affect other tax calculations, such as the medical expense credit and installment payments.

It's also worth noting that only one spouse can share their retirement income with the other—if both receive a pension, you'll need to decide which one will split their pension. Your circumstances may change from year to year, so it's advisable to include regular reassessment of the benefits of pension splitting in your overall financial planning.