Self Study Problem Eleven - 5 (Transfer of Credits And Pension Income Splitting) Mr. and Mrs. Hanson have been retired for several years. They are both in their early seven- ties, residents of Canada, and rely on pension income to provide for most of their needs. More Mrs. Hanson $7,400 Nil 1,680 follows: Mr. Hanson Old Age Security Benefits $ 7,400 RRIF Income 50,000 Receipts From Registered Pension Plan 25,380 Eligible Dividends Received From Canadian Public Corporations (100%) 800 Interest On Government Bonds 500 Charitable Donations 600 Capital Gain On Sale Of Shares N/A Capital Loss On Sale Of Shares N/A 180 4,359 200 375 725 Required: A. Assume that Mr. and Mrs. Hanson do not elect to use the pension income splitting provi- sions. Determine the Taxable income for both Mr. and Mrs. Hanson, and the maximum federal tax credits that will be available to Mr. Hanson for the 2019 taxation year. Also indicate the amount and types of any loss carry overs that would be available to Mr. and Mrs. Hanson at the end of 2019. B. If Mr. and Mrs. Hanson jointly elect to split the pension income, what objectives should they try to accomplish with the pension income split? (No calculations are required.) Self Study Problem Eleven - 5 (Transfer of Credits And Pension Income Splitting) Mr. and Mrs. Hanson have been retired for several years. They are both in their early seven- ties, residents of Canada, and rely on pension income to provide for most of their needs. More Mrs. Hanson $7,400 Nil 1,680 follows: Mr. Hanson Old Age Security Benefits $ 7,400 RRIF Income 50,000 Receipts From Registered Pension Plan 25,380 Eligible Dividends Received From Canadian Public Corporations (100%) 800 Interest On Government Bonds 500 Charitable Donations 600 Capital Gain On Sale Of Shares N/A Capital Loss On Sale Of Shares N/A 180 4,359 200 375 725 Required: A. Assume that Mr. and Mrs. Hanson do not elect to use the pension income splitting provi- sions. Determine the Taxable income for both Mr. and Mrs. Hanson, and the maximum federal tax credits that will be available to Mr. Hanson for the 2019 taxation year. Also indicate the amount and types of any loss carry overs that would be available to Mr. and Mrs. Hanson at the end of 2019. B. If Mr. and Mrs. Hanson jointly elect to split the pension income, what objectives should they try to accomplish with the pension income split? (No calculations are required.)