Annuities

You have to deduct income tax from these payments. Do not deduct Canada Pension Plan (CPP) contributions or employment insurance (EI) premiums. These payments are not pensionable or insurable.

Report income paid from a life income fund (LIF) on a T4RIF slip.

If a life annuity is bought from the proceeds of a LIF, report the annuity payments in box 024 on a T4A slip.

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