I notice in the reports after running Time Machine that my wife and my "Taxable income after any income splitting” is always exactly the same for every year even though most of our separate incomes are not eligible for income splitting such as OAS, CPP, IRA, and money drawn from individual bank accounts. I can see that they would be the same if all of our incomes were eligible for splitting but that’s not the case. Am I missing something?  Thanks a lot.

The income splitting only splits private pension income, RRIF/LIF(not IRA) withdrawals after 65, and surprisingly, US Social Security (not CPP), but not income not eligible for splitting. However it splits that eligible income in such a way as to make the resulting total taxable income equal (as much as is possible) for each spouse. Additionally, if you’ve entered a date of cohabitation with your spouse in the CPP tab, the program also does CPP sharing (before any income splitting is applied). You can see if there was any CPP transferred in the Warnings column.

Thanks, that makes good sense.  I didn’t realize that social security was eligible for income splitting.  That must be what is evening up our incomes to the penny.

Yes US social security is eligible pension income so it is splittable, at least the 85% of it that is taxable. See the last item in the table here: