Pension income may be credited up to $2000 annually
This is a non-refundable credit at a rate of 15% for Federal tax, which means a tax saving of $300 each year per taxpayer of federal tax. Not great,and hasn't been updated since 2006!
Pension income may qualify for this credit, depends what source
To make it simple your CPP and OAS do NOT qualify
Most other pension income DOES qualify, including government and private sector employee pension plans , foreign pensions and RIF payouts ( age dependant).
In some cases, partners can split pension income, permitting both people to enjoy individual credits, up to a total of $4000 credit per family.
Pension income may be credited up to $2000 annually
This is a non-refundable credit at a rate of 15% for Federal tax, which means a tax saving of $300 each year per taxpayer of federal tax. Not great,and hasn't been updated since 2006!
Pension income may qualify for this credit, depends what source
To make it simple your CPP and OAS do NOT qualify
Most other pension income DOES qualify, including government and private sector employee pension plans , foreign pensions and RIF payouts ( age dependant).
In some cases, partners can split pension income, permitting both people to enjoy individual credits, up to a total of $4000 credit per family.
thanks, just wondering for Turbo Tax does non-refundable credit automatically? and if so on what form # . - Thanks