Retired Members: What you need to know for tax season

• Your T4A tax slip is coming soon
• Tax withholding: what it is and why it matters

In February, you’ll receive your T4A tax slip  through My Pension (CAAT’s member portal) or by mail. This slip shows the total pension income you received last year and is needed when you file your taxes.

If you’ve chosen to receive your T4A online, you’ll get an email when it’s ready to view and download. The email will include a direct link to where you can find your T4A in My Pension. If you haven’t activated My Pension and you’d like digital access to your T4A slip, you can set up your account today.

Is your information up to date?

It’s always important to make sure your information with CAAT is up to date for the administration of your pension. This information includes your address, marital status, and beneficiaries.  You can update your information by logging onto My Pension, by calling Member Services, or using the change form on our website.

Each month, income tax is deducted from your pension before it’s deposited into your account. This automatic process – known as tax withholding – helps you manage your tax obligations. By spreading payments across the year, you avoid the burden of a large lump-sum payment at tax time and maintain a steady, predictable cash flow. 

Do you want to adjust your tax withholding?

Your tax situation can change during your retirement. Here are some reasons you might want to review your tax withholding:

• Avoid a tax bill later
  If you have other income -- like CPP, OAS, or RRIF withdrawals – your current withholding might not cover everything. Adjusting now can help you avoid owing money in April.
• Life changes happen
  Marriage, divorce, or changes in deductions can affect your taxes. You can adjust your tax withholding to keep things accurate.
• Plan ahead
  Some members adjust withholding as part of a tax strategy – especially if they split pension income with a spouse.

You can speak with an independent financial advisor to help you understand your circumstances and make a decision that is right for you.

How to make a change

If you’d like to adjust your tax withholding, you can do this quickly and easily on My Pension.

If you’re not registered for My Pension, you can also contact us to request Personal Tax Credits Return forms or download them from the Canada Revenue Agency (CRA) website. These forms detail the types of claims and deductions you may be eligible for.

Once you have completed the forms, send them to CIBC Mellon so that the amount of tax withheld from your pension can be adjusted.

Forms can be sent to CAAT or CIBC Mellon:

CIBC Mellon
PO Box 5858, STN B
London, ON  N6A 6H2