Hi there, a client has withdrawn money $120k from their RRSP account. Invest that money towards purchase of an investment property. The bank has issued a T4RSP for the amount and is reported on line 12900. The client don’t have any other income in 2022. The spouse has $40k income from T4A.
My question can he split this income with his spouse? I would appreciate your perspective. Thanks.
from my knowledge you can only split RRSP amounts if the T4RSP had the spouses SIN# on it.
Thanks @Sherry. The T4RSP has only the husband’s SIN# on it.
It has to be eligible pension income. On a T4RSP it has to be in Box 16 [Annuity]:
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… or Box 34 can be split if the surviving spouse is a named beneficiary on the RRSP contract or in the deceased’s will. It seems, however, that @irfan 's client is still alive. 
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Thanks to @Sherry, @Rein, and @snoplwguy. In this given scenario, it is not annuity, nor it is an eligible pension and also not the case of RRSP beneficiary. I read through the information on eligible pension thanks @Rein for that. So, it seems that for this client RRSP income is not eligible for a split. Thank you all for your helpful input. It’s appreciated.
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Is that really pension splitting? You can transfer an amount to the surviving spouse into an RRSP if there is an amount in box 34 but I don’t think this is the same as splitting. - see unmatured RRSP in the following link:
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Although pension splitting was likely implied @irfan did not mention anything about pension splitting in their initial question.
I just added another situation in which RRSP income can be split between spouses. Unfortunately, one of the spouses needs to be dead.
From your link;
Optional reporting for a matured RRSP
If a qualifying survivor receives an amount that qualifies as a refund of premiums, the annuitant’s legal representative can claim a reduction to the amount that the annuitant is considered to have received at the time of death.
The reduction, which is determined by filling out Chart 2, allows for a redistribution of the annuitant’s income to the qualifying survivor who actually received it. The redistribution of income allows the deceased annuitant and the qualifying survivor to pay the least amount of tax the law allows.
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Got it. Thanks.
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Thanks @Rein and @snoplowguy. Not really a pension splitting case. Basically husband who is 58yrs withdrew $120k from RRSP to pay for an investment property. The RRSP withdrawl was added as an income to his tax return resulted in quite a bit of tax owing. I wondered if some of this income can be split/shared with his wife with less income the year to reduce husband’s taxes payable.
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