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Does age affect the pension credit of $2000 on my T4RIF?
Up until 2015 when i turned 65 the TurboTax software wouldn't allow the $2000 pension credit, so i missed having this credit from 2007 - 2015. I don't see a restriction on age for this credit with CRA?
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October 31, 2019
1:36 AM
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Seniors and students
Yes, there is an age restriction on RRIF income and the "Pension Income Amount" (PIA).
- If you enter T4RIF income from Box 16 and you are under age 65, the income goes to Line 130 on the tax return as "Other Income" and does not qualify.
- Income from your T4RIF from Box 16 and you are 65 or older goes to Line 115 of the tax return as "Other Pensions & Superannuation" and does qualify.
- For clients under age 65, RRIF income only qualifies for the PIA if it is received due to the death of a spouse.
October 31, 2019
1:36 AM