Tax information for retired members
Your pension is taxable income. We will deduct federal and provincial income tax from your monthly pension payment.
Income splitting and your pension
You may be able to reduce the total tax you pay by transferring part of your pension income to your spouse or common-law partner.
This process, known as income splitting, allows individuals to allocate a portion of their income to a spouse who has lower earnings. This potentially creates tax savings for couples.
Please contact the Canada Revenue Agency for more details. You can also talk to a financial adviser or accountant to find out if transferring your pension income is to your advantage.