Did You Know?
When you receive eligible pension, superannuation income, or annuity payments you are entitled to the $2,000 federal pension income amount tax credit of 15%, which will reduce your taxes payable generated from such income or payments. That means $300 in tax savings.
If you don’t receive pension income, once you turn 65, it is recommended in most instances to withdraw $2,000 annually from a Registered Retirement Income fund (RRIF) to access the pension income amount tax credit.
Please give us a call if you are interested in learning more about eligible pension income and qualifying for the pension income amount tax credit!
Sincerely,
Harvey Morrison Private Wealth