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posted Oct 31, 2019 1:36:06 AM

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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1 Best answer
Level 15
Oct 31, 2019 1:36:08 AM

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.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-314-pension-income-amount.html

1 Replies
Level 15
Oct 31, 2019 1:36:08 AM

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.

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-314-pension-income-amount.html