According to Canada Revenue Agency (CRA), d
uring retirement, your income will normally come from three sources:
- Quebec Pension Plan (QPP) or Canada Pension Plan (CPP) (QPP)
- Security for the Elderly (OAS)
- Personal savings and investments, as well as employer-sponsored pension programs
Retirement Income can be entered in T4A box 016 of the TurboTax online version. You can enter your retirement income by following the steps below:
To get started, Log in to your TurboTax account, Click on the Find icon on the top right => Enter "T4A Pension, Retirement, Annuity", then Click and Go=> the T4A Summary page will appear, click on the "Enter new T4A for..." (Image 1) => On the next page, you can enter the amount of your retirement income under the highlighted box 016 (Image 2).
If you had Old Age Security, you could click on the Find icon on the top right, enter "T4A (OAS)- Old Age Security, then Click and Go => On the next page, you can enter the Old Age Security amount there.
Please see the screenshot below:
Image 1:
Image 2:
Image 3: