I have OAS income for 2016. But since my OAS was approved at Feb 2017, and the money was paid to me at March 2017, so Service Canada will not give a tax slip to me in 2017, and will give it to me at 2018. In this case, I can not report my 2016 OAS income to my 2016 tax return, and have to file this income in 2018. I don't need add this 2016 income to my 2017 tax return, because that will made my 2017 tax rate increase. But how can I use turbotax to report this kind of income and make it not affect my 2017 income?
Thanks a lot
For the year 2016, you will report no oas as none were received until 2017. For 2017 tax return, you will report the full amount of OAS received, however, due to it being a lump sum payment. Service Canada should be sending you a letter to attach to your tax return that discloses what payments are for what year. With this info, CRA will tax you as if you would have received the OAS amounts in the actual years. Therefore your 2017 tax return will need to be mailed to the government.
For the year 2016, you will report no oas as none were received until 2017. For 2017 tax return, you will report the full amount of OAS received, however, due to it being a lump sum payment. Service Canada should be sending you a letter to attach to your tax return that discloses what payments are for what year. With this info, CRA will tax you as if you would have received the OAS amounts in the actual years. Therefore your 2017 tax return will need to be mailed to the government.