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Difference between revisions of "Unmarried Spouses"
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→Canada Pension Plan
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===Canada Pension Plan=== | ===Canada Pension Plan=== | ||
Unmarried spouses may share in each other's accumulated CPP credits, however this sharing is not automatic. You must apply to equalize your CPP credits with your spouse's CPP credits. That application must be made within 48 months of the date of separation unless both parties consent in writing. | Unmarried spouses may share in each other's accumulated CPP credits, however this sharing is not automatic. You must apply to equalize your CPP credits with your spouse's CPP credits. That application must be made within 48 months of the date of separation unless both parties consent in writing to waive the 48-month time limit. | ||
There may be positive income tax consequences if you elect to share a CPP pension that is being paid out. You will be eligible to share your pension if you have been living together as a couple for at least one year and you are both at least 60 years old. | There may be positive income tax consequences if you elect to share a CPP pension that is being paid out. You will be eligible to share your pension if you have been living together as a couple for at least one year and you are both at least 60 years old. | ||