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Pension Income Tax Credit

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Filing Your Return -> Pension income tax credit
Income Tax Act s. 118(3), 118(7), 118(8)

Line 314 Pension Income Amount Tax Credit

Taxpayers receiving certain pension income may claim both a federal and provincial/territorial pension income tax credit.  This is a non-refundable credit, but can be transferred to a spouse or common-law partner if it is not fully used by the taxpayer.  Any unused portion can not be carried forward or back.  See the tables of non-refundable tax credits for amounts and tax rates.

The pension income amount tax credit is claimed on line 5836 of the provincial tax return.

Tax Tip:  Transfer any unused portion of your pension income tax credit to your spouse.

 

What income qualifies as eligible pension income for purposes of the pension income tax credit?

How can pension income be "created"?

Pension splitting

Will the spouse get a pension income tax credit when pension income is split with a spouse?

 

Completing form T1032 - Step 4 Pension income amount for the pension income tax credit

Revised: January 02, 2017

 

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