Is my canada pension and old age security consider...

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kerrylynn-
New Member

Is my canada pension and old age security considered an income to report?

 
2 Replies
TurboTaxSusan
Moderator

Is my canada pension and old age security considered an income to report?

Yes, they are considered income. You should have received slips for them. You would just need to enter those slips:

  1. In the upper-right corner of your screen, select Find (magnifying glass)*.
  2. In the Find window, type “t-slips”, select it from the list and click Go.
  3. On the Income Slips page, check off the slips you need and click Continue until you get to that page.

* If you don’t see the Find button, you may not have completed the Setting Up/Introduction section of your return. Continue through the Setting Up section until the Find button appears (or unlocks).

Kyle_12
Level 3

Is my canada pension and old age security considered an income to report?

Although the money you receive from your Old Age Security (OAS) pension comes from the government, it is considered taxable income and is taxed at your usual income tax rate. When you file your income tax return, you only have to take into account your OAS pension amounts, not any supplemental OAS benefits you may receive. Keep in mind that if your income exceeds a certain threshold ($79,054 for 2020), you may have to repay some or all of your OAS pension.

 

For more information, please refer to the following TurboTax link below:

Old Age Security Pension and Taxes 

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