Schedule 2 helps with transferrable

Seniors can transfer four types of tax credits from one return to the next, using Schedule 2

  • Pension Income Amount
  • Age Amount
  • Disability Amount
  • Tuition and Education Amount

This year, the calculation of the transferrable amounts is a little tricky.

First, determine if your spouse is taxable. This basically means you’ll have to prepare that return first.

If not taxable, compute the amount of the credits above. In the case of the age amount and pension income amount, use the new Worksheet to make the calculations. This Worksheet is included in the tax package, but should not be attached to the tax return being mailed.