- Dean C Paley, CPA, CGA ,CFP - http://deanpaley.com -

What Is Eligible Pension Income?

If you receive certain pension income, you may be able to claim the $2,000 pension income tax credit (also known as the pension amount) as well as split this pension income [1] with your spouse or common law partner. But what pension income qualifies?

If You Age 65 Or Older

If you are over the age of 65, the following qualifies as pension income:

Certain foreign pensions also qualifiy as pension income if reported on line 115 of your tax return except:

If You Are Under Age 65

If you are under age 65 qualified pension income is limited to:

The following, but only if received as a result of the death of a spouse or common law partner:

What Income Does Not Qualify?

Looking For Professional Help?

There are a number of income splitting [2] techniques that can be employed by business owners and seniors.

Call us at (289) 288-1206 or email us [3] to arrange an appointment to have us review your tax situation and look for opportunities to reduce your family tax bill.