www.pension-income-splitting.com More With the passing of the Canadian Federal Budget, we can expect to save thousands of dollars in taxes. Retirement income splitting allows you and your spouse (including common law) to lower your total taxes throughout retirement. This started in 2007, and any Canadian resident with eligible income can allocate up to 50% of that income to their spouse. There are different types of income eligible depending upon whether you are under or over age 65. The types of income can include employer pension income, lifetime income paid from Registered Retirement Income Fund (RRIF), Locked in Retirement Income Fund [More]