T4A(OAS) slip - Old Age SecurityIf you have reached the age of 65 years during the tax year, in the month following your 65th birthday, you are entitled to receive the payments for the OAS (Old age security) pension, if you have made the request.
However, since July 2013, you can defer the first payment of your Old Age Security pension for up to 60 months (5 years).
If you choose to defer your OAS, you will receive a higher amount that is 0.6 % for each month you delay the payment of your pension.
For more information on this topic, please visit the following link:
https://www.canada.ca/en/services/benefits/publicpensions/cpp/old-age-security/eligibility.html
To enter the information from the T4A(OAS) slip, please follow the steps below:
1- On the "Left side menu on the Interview tab", select "Interview setup".
2- In the screen on your right, go to the "Pension" group, check the box for "Pension income. Other income and split pension income (T4A, T4A(OAS), T4A(P), T4A-RCA, T4RSP, T4RIF, T1032)" and click "Next" at the bottom of the page.
3- Return to the "Left side menu on the Interview tab" and select "T4A and pension income".
4- On the right-hand side of the screen, choose "T4A(OAS) - Old age security pension income".
5- On the new page that appears, enter the amounts from your T4A(OAS) slip in the corresponding boxes, then click "Next" at the bottom of the page.
6- Starting with the 2018 taxation year, you will be able to enter a negative amount in box 21 of the T4A(OAS) slip.
The Old Age Security pension will show up on line 13000 of the federal return, as well as on line 114 of the Quebec return if applicable.
If you entered net federal supplements paid in Box 21, this amount will be reported on line 14600 of the federal return and added to the total income, but it will also be included in the deductions on line 25000 to be excluded from taxable income. A negative amount indicates a repayment of federal supplements.
Likewise, for Quebec residents, this amount will be reported on line 148 of the Quebec return and added to the total income, but it will also be included in the deductions on line 295 to be excluded from taxable income.
However, if the amount is negative, it will be carried forward on line 246 of the Quebec return as a deduction from net income, and then on line 276 with code 02 to adjust the taxable income.
No corresponding deduction is calculated on the federal return, as the federal supplements are not taxable.
For more information, please visit the following link:
ID: 20200204131033DE.xml
Webpage: KPA390-20200204131033DE.htm