TurboTax: Line 58360



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Relevant Material: In Ontario, "58360" refers to Line 58360 – Pension income amount, which is a non-refundable tax credit found on Form ON428, Ontario Tax. 

Key Details for 2024–2025 Tax Filing 
  • Definition: This is the provincial equivalent of the federal pension income amount. It allows eligible residents to claim a credit based on their pension income to reduce the Ontario tax they owe.
  • Calculation: For the 2024 tax year (filed in early 2025), you can claim the lesser of:
    • The amount on federal Line 31400 (Pension income amount).
    • $1,714.
  • Eligibility: You must be a resident of Ontario at the end of the year to claim this amount. If you moved out of Ontario before December 31, you cannot claim this credit on your Ontario tax return, even if you earned pension income in the province. 
How to Claim
  1. Form ON428: Locate Form ON428 in your tax package.
  2. Enter Amount: Follow the instructions on the form to enter your eligible pension income on Line 58360.
  3. Spousal Transfer: If you do not need the full amount to reduce your tax to zero, you may be able to transfer the unused portion to your spouse or common-law partner. .. (Google) 
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