April is income tax season and your clients may be eligible for a tax credit. If your clients have income from a pension or certain annuity products, ensure they claim it under the pension income tax credit. Eligible Canadians can use up to $2,000 of pension income each to claim the credit (income splitting is an option for married couples and common law partners). If your clients are under the age of 65 and receive income payments from a life annuity out of or under a superannuation or pension plan (other than a pooled pension plan) or a specified pension plan (only in Saskatchewan), they may also qualify for this credit. To learn more, read this client-facing article from BrighterLife.ca: Do you qualify for the pension income tax credit? and share it with clients so they don’t miss out.

Original source:

Do you qualify for the pension income tax credit? written by Kevin Press for BrighterLife.ca.

© Sun Life Assurance Company of Canada, 2014

Originally published on Advisor.ca