Did You Know?
If you have attained the age of 65 and you receive eligible pension income you are entitled to a Federal 15% non-refundable tax credit on your first $2,000 of eligible pension income. That means $300 in tax savings!
If you don’t already receive pension income, once you turn 65, it can be beneficial to withdraw $2,000 annually from a Registered Retirement Income fund (RRIF) to access the pension income tax credit.
Please give us a call if you are interested in learning more about eligible pension income and qualifying for the pension income tax credit!
Sincerely,
Harvey Morrison Private Wealth
