Does Your Pension or Annuity Qualify for the Pension Income Amount?

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You may be able to claim up to $2,000 if you reported:

  • eligible annuity and/or pension income on line 115 of your return;
  • eligible pension income on line 116 of your return; or
  • annuity payments on line 129 of your return (box 16 of your T4RSP, Statement of RRSP Income slip), only if you were 65 years of age or older on December 31, 2017, or you received the payments because of the death of your spouse or common-law partner.

Eligible pension income does not include the following income amounts:

  • any foreign source pension income that is tax-free in Canada because of a tax treaty that entitles you to claim a deduction on line 256;
  • income from a United States individual retirement arrangement (IRA) account; or
  • amounts from a RRIF included on line 115 and transferred to an RRSP, another RRIF or an annuity.

Note

Amounts such as old age security benefits, Canada Pension Plan benefits, Quebec Pension Plan benefits, death benefits, retiring allowances, excess amounts from a RRIF transferred to an RRSP, another RRIF or an annuity, amounts shown in boxes 18, 20, 22, 26, 28, and 34 of your T4RSP slips, and amounts distributed from a retirement compensation arrangement shown on your T4A-RCA slips do not qualify for the pension income amount.

If you would like more information on various programs, deductions and credits that can help save you money, contact GB Pilley & Associates Ltd., Chartered Professional Accountants at 604 926 3522.

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2018-03-20T15:06:36+00:00