ARCHIVED - 1995 General Income Tax Guide
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ARCHIVED - Line 314 - Pension income amount
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You may be able to claim up to $1,000, if you reported pension or annuity income on line 115 or line 129 of your return. Therefore, make sure you have reported your pension or annuity income on the correct lines of your return.
Pension or annuity income that you are not required to report on line 115 or line 129 of your return is not eligible for the pension income amount. Some of these amounts are: Old Age Security benefits, Canada Pension Plan benefits, Quebec Pension Plan benefits, Saskatchewan Pension Plan payments, death benefits, and retiring allowances.
Use the chart below to calculate your allowable claim.
Tax Tip
If you do not need all of your pension income amount to reduce your federal income tax to zero, you can transfer any unused amount to your spouse. If your spouse had eligible pension income, you may be able to transfer your spouse's unused pension income amount to your own return. For details, see line 326.
- Date modified:
- 2002-02-04