Jump to content
Français
Search In
  • More options...
Find results that contain...
Find results in...

Pension Income Tax Credit


bcasey123
 Share

Recommended Posts

Hi bcasey123. Are you over 55? Box 16 should appear on line 11500 even if you entered the amount as well in Box 24. You should also see the amount for the pension income tax credit. Look at the data entry for your T4RIF slip again and make sure you used the top Box 16 area for the amount and that there are no erroneous entries other than for the Excess and the Tax.

Link to comment
Share on other sites

Hi bcasey123. That's a question for support. I tested the situation and all seems to be in order. I am using a Windows version 24.11, not the Online version. I suspect however that there is something entered somewhere in the data that is causing the difference. Good luck and maybe post how you got the situation resolved.

 

Link to comment
Share on other sites

Are there any tax experts here that can provide some guidance  on whether I am eligible for the pension income tax credit or not. My understanding was that I am eligible since I am over age 55, but Ufile support seems to believe otherwise. CRA guidelines for line 11500 indicate that I can't report this income here, but instead on line 13000 which prevents the credit from being available. Pension Income Tax credit guidelines for line 31400 clearly state what income is not eligible and mine does not fall in those identified, as it was simply a pay out from a PRIF. Appreciate any help you can provide as the CRA guidelines do not seem to be clear.

Link to comment
Share on other sites

Hello bcasey123.

Did you turn 65 in 2020?

Did you transfer any of the amount to a RRIF?

You have indicated that it was a payout from a Prescribed Registered Retirement Income Fund, is that correct?

Try using the Q&A format at the following link:  https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-31400-pension-income-amount/you-claim-pension-income-amount.html

 

Link to comment
Share on other sites

I'm under 65, didn't transfer anything and correct, it was from a PRIF. Based on the CRA Q&A's, it looks like I am not eligible. Interesting, cause they seem to explain in detail which incomes are not eligible but don't speak to my type, which lead me to believe it would be eligible. Advice I was given indicated and what I had previously found was that I would be eligible. Guess that was wrong.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

×
×
  • Create New...