Brian Storseth: Your Member of Parliament for Westlock

Seniors Tax Savings Calculator

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Typical Tax Impact: Single Senior Individual

Proposed PIT Change

Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total PIT
Impact % reduction in federal tax

$ $ $ $ $ $

10,000 20,121 781 -158 N/E -158 -20%

20,000 34,287 3,054 -158 N/E -158 -5%

30,000 46,252 5,777 -158 N/E -158 -3%

40,000 56,252 8,209 -158 N/E -158 -2%

50,000 66,252 10,374 0 N/E 0 0%

60,000 76,252 12,244 0 N/E 0 0%

75,000 91,252 15,559 0 N/E 0 0%

100,000 116,252 21,593 0 N/E 0 0%

125,000 141,252 28,525 0 N/E 0 0%

N/E Caveat
As a single senior, pension income spliting will not apply in your circumstances.

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $125,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 141,252 26,725 -158 -5,995 -6,153 -23%

10,000 155,419 28,892 -158 -3,087 -3,246 -11%

20,000 169,585 31,469 -158 -409 -568 -2%

30,000 181,550 34,302 -158 N/A -158 -0.5%

40,000 191,550 36,734 -158 N/A -158 -0.4%

50,000 201,139 38,899 0 N/A 0 0%

60,000 209,639 40,769 0 N/A 0 0%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $100,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 116,252 19,947 -158 -7,280 -7,439 -37%

10,000 130,419 22,051 -158 -4,972 -5,130 -23%

20,000 144,585 24,567 -158 -2,713 -2,872 -12%

30,000 156,550 27,369 -158 -1,145 -1,304 -5%

40,000 166,550 29,802 -158 N/A -158 -1%

50,000 176,139 31,967 0 N/A 0 0%

60,000 184,639 33,837 0 N/A 0 0%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $75,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 93,817 14,114 -158 -4,963 -5,122 -36%

10,000 107,671 16,137 -158 -3,853 -4,011 -25%

20,000 121,526 18,571 -158 -3,154 -3,312 -18%

30,000 133,343 21,336 -158 -2,082 -2,241 -11%

40,000 143,343 23,768 -158 -1,145 -1,303 -5%

50,000 152,932 25,933 0 -341 -341 -1%

60,000 161,432 27,803 0 N/A 0 0%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $60,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 81,067 10,974 -158 -3,223 -3,381 -31%

10,000 94,921 12,927 -158 -2,042 -2,200 -17%

20,000 108,776 15,290 -158 -1,271 -1,430 -9%

30,000 120,593 18,021 -158 -1,240 -1,398 -8%

40,000 130,593 20,454 -158 -635 -794 -4%

50,000 140,182 22,619 0 N/A 0 0%

60,000 148,682 24,489 0 N/A 0 0%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $50,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 72,206 9,025 -259 -2,326 -2,586 -29%

10,000 86,373 11,046 -211 -1,090 -1,301 -12%

20,000 100,276 13,420 -169 -324 -492 -4%

30,000 112,093 16,151 -158 -302 -460 -3%

40,000 122,093 18,584 -158 -302 -460 -2%

50,000 131,682 20,749 0 N/A 0 0%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $40,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 62,206 6,650 -317 -1,676 -1,993 -30%

10,000 76,373 8,719 -317 -1,090 -1,406 -16%

20,000 90,539 11,200 -317 -124 -441 -4%

30,000 102,504 13,986 -317 N/A -317 -2%

40,000 112,504 16,419 -317 N/A -317 -2%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $30,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 52,206 4,217 -317 -802 -1,118 -27%

10,000 66,373 6,287 -317 -571 -887 -14%

20,000 80,539 8,767 -317 -124 -441 -5%

30,000 92,504 11,554 -317 N/A -317 -3%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $20,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 40,241 1,871 -317 -310 -627 -33%

10,000 54,408 3,786 -317 -29 -346 -9%

20,000 68,575 6,109 -317 N/A -317 -5%

Typical Tax Impact: Senior Couple
Higher-Income Spouse has Eligible Pension Income of $10,000

Proposed PIT Change

Lower-Income Spouse's Eligible Pension Income Family Income Net Federal Tax Age Credit Pension Splitting Total
Impact % reduction in federal tax

$ $ $ $ $ $

0 26,075 0 0 N/A 0 0%

10,000 40,241 1,561 -317 N/A -317 -20%

N/A Caveat: You may still benefit from income splitting, by splitting less than 50% of your eligible pension income

Brian Storseth

Your Member of Parliament for Westlock - St. Paul

Seniors Tax Savings Calculator