T4A(OAS) slip - Old Age Security
If 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:
https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/personal-income/line-11300-old-security-pension-oas.html
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Webpage: KPA390-20200204131033DE.htm
