Taxes and pension payments

Here's what you need to know about taxes and your pension, plus information on pension payments.

Pension payments

Learn about lump-sum and monthly pension payments, as well as direct deposit payment options and pension payment dates and exchange rates.

Tax information for active members

Learn about your pension and income taxes, including what you need to know about pension adjustment amounts and your RRSP contribution limit.

Tax information for retired members

Your pension is taxable income. We will deduct federal and provincial income tax from your monthly pension payment.

What is your pension adjustment amount?

You can find the amount of your pension adjustment on your T4, T4A or T10 information slip.

Lump-sum pension payments

If you leave your job before you turn 55, you can transfer your pension’s commuted value to a registered retirement savings vehicle as a lump-sum payment.

Small benefit refunds

You may be eligible to receive a small benefit refund instead of a lifetime monthly pension if the commuted value of your pension benefit is less than a specific amount.