RRSP Payment as Pension Income
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RRSP Payment as Pension Income

RRSP Payment as Pension Income
 
 
 
RRSP Payment as Pension Income
 
 
 
When is an RRSP payment considered to be a pension for the purposes of completing public insurance, nursing home per-diems and other application forms?
 
 
RRSP income is pension income only if it’s an annuity benefit paid from a matured RRSP. Withdrawals by the taxpayer, whether in a lump sum or as a series of payments are not pension income. 
The Income Tax Act definition of pension income (S. 118(7)) is:
received by an individual in a taxation year means the total of
    (a) the total of all amounts each of which is an amount included in computing the
          individual's income for the year that is
             (i) a payment in respect of a life annuity out of or under a superannuation plan,
                  a pension plan or a specified pension plan,
             (ii) an annuity payment under a registered retirement savings plan, under an "amended plan" as referred to in subsection
                   146(12) or under an annuity in respect of which an amount is included in computing the individual's income by reason
                   of paragraph 56(1)(d.2),
             (iii) a payment out of or under a registered retirement income fund or under an "amended fund" as referred to in
                   subsection 146.3(11),
             (iv) an annuity payment under a deferred profit sharing plan or under a "revoked plan" as referred to in
                   subsection 147(15),
             (v) a payment described in subparagraph 147(2)(k)(v), or
             (vi) the amount by which an annuity payment included in computing the individual's income for the year by reason of
                    paragraph 56(1)(d) exceeds the capital element of that payment as determined or established under paragraph
                    60(a), and
    (b) the total of all amounts each of which is an amount included in computing the individual's income for the year by reason of
          section 12.2 of this Act or paragraph 56(1)(d.1) of the
Income Tax Act, chapter 148 of the Revised Statutes of Canada, 1952;
 
 
 
 
 
 
 

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