Open TurboTax

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

cancel
Showing results for 
Search instead for 
Did you mean: 
gerg041a
New Member

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?

1 Best answer

Accepted Solutions

Does age affect the pension credit of $2000 on my T4RIF?

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-re...

View solution in original post

1 Reply

Does age affect the pension credit of $2000 on my T4RIF?

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-re...