Question

which of the following is not eligible for the pension income amount on the return of a taxpayer who is 66 years old? rpp annuity cpp retirement benefits foreign pension benefits qualifying pension income

Answer 1

Canada Pension Plan (CPP) retirement benefits are not eligible for the pension income amount on a tax return for a taxpayer who is 66 years old. The pension income amount is for qualifying pension income from sources like RPPs, RRSP annuities, RRIFs, and some foreign pensions, but not CPP.

Step-by-step explanation:

The question pertains to eligibility for the pension income amount on a tax return for a taxpayer who is 66 years old. In Canada, the pension income amount is a non-refundable tax credit available to individuals who receive qualifying pension income. Generally, eligible pension income for those 65 and over includes amounts received from a registered pension plan (RPP), registered retirement savings plan (RRSP) annuities, registered retirement income funds (RRIFs), and some foreign pension income. However, the Canada Pension Plan (CPP) retirement benefits are not eligible for the pension income amount, as CPP is considered a public government pension plan and has its tax considerations.