If you were 65 or older in the year, pension income includes: SPONSOR: Snap-on Tools Company LLC, a Delaware limited liability company, located at 7856 85 th Street, Kenosha, Wisconsin, USA, 58698 ( Sponsor ).
The pension income tax credit is non-refundable and may not be carried forward each year.
Basically, it enables you to deduct, from taxes payable, a tax credit equal to the lesser of your pension income or $7,555.
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To make the most of your retirement income, it makes sense to become familiar with the numerous tax credits that are made available through the Canada Revenue Agency (CRA).
One of those tax credits is the Pension Income Tax Credit.
As many Canadians can attest, it's not always what you earn that counts, it's what you get to keep.
This is especially true if you are currently retired or are planning to retire in the near future.
Depending on which province you live in, this equates to $995-$775 in actual tax savings each year.
The definitions of pension income are therefore important.
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The Pension Income Tax credit is available to you if you are 55 years of age or older.