Optimize pension-splitting in ProFile

Optimize the pension-split amount for a client

1. 1. Open Form T1032 - Joint Election to Split Pension Income for 20[YY] in the return of the person receiving the pension:

2. Select the box to indicate the person is the Pensioner.

3. Locate section Step 3 - Elected split-pension amount.

4. Select the Split-Pension Income link. The T1032Opt  Optimize - Split-pension income form opens.

5. Right-click anywhere on the T1032Opt form. The following menu displays:

6. Select the Optimize split pension income option.

Note: The T1032Opt form shows the suggested split-pension information. A graph shows how different pension income splits affect your combined refund and balance due.

7. Enter the amount desired in Field G. The T1032 form populates based on the split-income selection.

Use the scenarios in the Calculator section

1. Select anywhere in the Elected split-pension amount box under Scenario 1.
2. Enter the amount of pension income to be split.
3. Select OK.

The calculator displays the Total Payable and Balance Owing for each individual, as well as combined totals for the couple.