Effective November 27, 2021, the deferred sales charge and low load sales charge purchase options will no longer be available for purchase on Sun Life Global Investments mutual funds. Switches between funds of the same sales charge purchase option will be permitted.

Pension tax credit

For policyholders who are age 65 and over, accrued income (up to $2,000) is eligible for the pension tax credit. To be eligible for the pension tax credit the accrued income must be reported as pension income on the T1-Individual Tax Return. The provincial tax payable will be reduced as well.

If the policyholder is purchasing a non-registered deferred annuity to use the accrued income for the pension tax credit, remember there is no accrued income reported in the year of purchase. The first reporting of accrued income is in the year following the year of issue.