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Looking for new ways to reduce your taxes?

Two legislative changes recently announced by the government have the potential to significantly reduce your taxes in the coming years:

1. Pension Income Splitting: In the past, pension income could only be taken by the pensioner. As of the 2007 taxation year, however, a pensioner can split pension income with his or her spouse. A couple splitting income will realize savings through any or all of the following:
   • Potential tax savings where the spouse (or common-law-partner) being allocated the income is in a lower tax bracket
   • Reinstatement of Old Age Security (OAS) benefits through a reduction or elimination of the claw back (repayment)
   • Reinstatement of Age Amount Credit through reduction or elimination of the claw back (repayment)
   • Potential for doubling access to the Pension Tax Credit
2. Tax-free savings account (TFSA): This account has been described as a flexible, general-purpose savings vehicle. The tax-saving features of the TFSA, which will be available starting in 2009, include:
   • Contributions will not be deducted when calculating taxable income
   • Withdrawals, income earned and capital gains realized on assets held in the TFSA will not be taxed
   • Withdrawals, income earned and capital gains realized on assets held in the TFSA will not be considered when determining eligibility for income-tested benefits or credits

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