Form T1032 allows Canadian couples to elect to split eligible pension income for tax purposes. This can potentially reduce their overall tax liability by redistributing income between spouses or common-law partners. Both partners must agree to the split and sign the form, which should be submitted with their tax returns.

Spouses or common-law partners who wish to split their eligible pension income and meet the criteria set by the Canada Revenue Agency.

Couples who are Canadian residents and living together at the end of the tax year can benefit, especially if one partner is in a higher tax bracket.

Eligible income includes amounts from registered pension plans, but not from government pensions like CPP or OAS.

No, the election is notional and does not require transferring funds; it only affects tax reporting.