If I understand this right, there is no minimum age to split income from Defined Pension. I am 44 and retired from a government job and receiving a Defined Benefit pension. I am working at another job as well. I can split my DB income with my wife at 44? Thank you
Yes. Very common to see former Military or RCMP, both of whom have generous provisions to start pensions younger than most plans, with DB pension income being split.
@BCCLLQP A Canadian who worked in the US and accumulated a good sum of 401k. I read that 401k is considered a pension income. It is odd because RRSP is not considered as pension income.
@BCCLLQP Many cross-border Canadians working under TN visa have 401k. Apparently, 401k withdrawal in retirement is treated differently than an RRSP. There aren't too many discussions on this topic.
@@richardli5530 Some good x-border resources: cardinalpointwealth.com/cross-border-financial-and-tax-planning/u-s-citizens-living-in-canada/ and polaristax.com/ both have lots of good free resources.
Excellent
Thanks for the info. as will save me some serious money.
Excellent summary. The examples are great for learning. Is this still applicable? Is there a more recent version?
This is unchanged and still accurate.
@@BCCLLQP Thanks
@@michaelc814 Thanks for watching!
Can i split pension income from abroad?
Great video, thank you.
If I understand this right, there is no minimum age to split income from Defined Pension. I am 44 and retired from a government job and receiving a Defined Benefit pension. I am working at another job as well. I can split my DB income with my wife at 44? Thank you
Yes. Very common to see former Military or RCMP, both of whom have generous provisions to start pensions younger than most plans, with DB pension income being split.
Very clear!
Can you split 401k withdrawal?
Is this for an American who is resident of Canada?
@BCCLLQP A Canadian who worked in the US and accumulated a good sum of 401k.
I read that 401k is considered a pension income. It is odd because RRSP is not considered as pension income.
@BCCLLQP Many cross-border Canadians working under TN visa have 401k. Apparently, 401k withdrawal in retirement is treated differently than an RRSP. There aren't too many discussions on this topic.
@@richardli5530 Some good x-border resources:
cardinalpointwealth.com/cross-border-financial-and-tax-planning/u-s-citizens-living-in-canada/
and
polaristax.com/
both have lots of good free resources.