Canada Tax Federal Worksheet - Line 314

Pension income amount

The pension income amount is a tax credit available through the Canada Revenue Agency and can be worth up to $2000.00

This credit may be claimed if you reported pension, superannuation or annuity payments against lines 115,116, and/or line 129 of your return

Complete the table below to see the credit amount you may be entitled to:

Canada Tax Federal Worksheet - Line 314 - Pension income amount

Line 314 - Pension income amount
Amount from line 115 of your return				1
Foreign pension income you included on line 115 and deducted on line 256		2
Income from a U.S. individual retirement account (IRA) included on line 115	+	3
Amounts from a RRIF or a PRPP included on line 115 and transferred to an RRSP, a RRIF, a PRPP, or an annuity	+	4
Add lines 2, 3 and 4	=	►	-	5
Line 1 minus line 5			=	6
Annuity payments from line 129 of your return (box 16 of your T4RSP slip) only if you were 65 years of age or older on December 31, 2024, or you received the payments because of the death of your spouse or common-law partner			+	7
Add lines 6 and 7			=	A
Enter on line 314 of Schedule 1 $2,000 or the amount on line A, whichever is less. However, if you and your spouse or common-law partner are electing to split your eligible pension income, enter the amount from line A on line A of Form T1032, Joint Election to Split Pension Income. Follow the instructions at Step 4 of Form T1032 to calculate the pension income amount to enter on line 314 of your and your spouse's or common-law partner's Schedule 1.