However, if you are between 45 and 64 years of age, you may receive retirement income (pension fund annuities, QPP retirement pensions, etc.). If this is your situation, labour-sponsored fund tax credits are granted only if you declare employment income (gross amount) or business income (net amount) of $3,501 or more, provided you have not redeemed labour-sponsored fund shares due to retirement or disability.
You are no longer entitled to tax credits as of the year you turn 65.
Redeeming labour-sponsored fund shares:
- Tax credits are no longer granted as of the year you redeem labour-sponsored fund shares for your retirement or phased retirement.
- If you redeemed labour-sponsored fund shares due to severe or long-term disability, you are no longer eligible for tax credits on any shares you acquired after the date of the redemption request.
- Tax credits will not be eligible for shares you redeem within a maximum of 60 days following their acquisition date.