The ultimate decision of whether or not to split your pension is up to you and your spouse, however you may wish to consult a financial advisor for more information.

When making the decision, it's important to consider other tax calculations that may be affected by pension income splitting, such as medical credits and instalment payments.

It will be important to remember that only one spouse can split his or her pension income with the other, so if both you and your spouse receive a pension, you have to decide which one will split the income with the other. Since your situation may change from year to year, it's a good idea to reassess the benefits of splitting your pension as part of your ongoing financial planning.