Question
URGENT!!!!! Jerry Mason lives with his spouse, Janice Sparks. Both Jerry and Janice are 66 years of age and, in 2023, they each receive 8,250
URGENT!!!!!
Jerry Mason lives with his spouse, Janice Sparks. Both Jerry and Janice are 66 years of age and, in 2023, they each receive 8,250 in OAS payments. As the result of many years with his employer, Jerry receives $88,000 from a registered pension plan (RPP). Janice's only income is the OAS amounts she receives. Neither Jerry nor Janice have applied for CPP and they have no tax credits other than the BPA, the age credit, and pension income tax credit. Jerry has asked you to determine the federal income tax savings that would result from electing pension income splitting for 2023.
Please don't use AI for answer
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