Each month, income tax will be deducted from your pension payment.
Keep in mind:
In February of each year, CIBC Mellon, our pension payroll agent, will send your T4A tax slip to you. It will indicate the total pension paid to you and the tax deducted from your pension during the year. These slips are required for completing your income tax return and filing it with the Canada Revenue Agency.
You may choose to increase the amount deducted from your pension, especially if you receive income from other sources, such as investment and employment earnings. To make this adjustment, contact CIBC Mellon to request Personal Tax Credits Return forms. These forms detail the types of claims and deductions for which you may be eligible. Once you have completed them and sent them back to us, we can adjust the amount of tax we withhold from your pension.