My retro CPPD payment went directly to my LTD co. My LTD benefits are taxable. I got a letter from my LTD co to say they have credited me in the amount of $XX in taxable benefits in the year 2016 based on an adjustment made for a prio year 2016
“The benefits you received were taxable; therefore, you can use this letter of income tax purposes as a deduction on your income tax return”
I don’t know how to enter the amount.
If you received a Lump Sum payment from Canada Pension for multiple years you will need to paper file the tax return to CRA and the government will review and amend the 2017 and 2016 tax year returns (if this is in your favour) to adjust any tax payable.
You will need to indicate on the T4A(P) screen that part of the payment is a Lump Sum Qualify Amount.
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