Your finances in retirement

Your pension: reliable and regular

Your first pension payment will typically be deposited on the last day of the month your pension is effective. After that, your payment will be deposited two banking days before the end of each month.

Once you’ve received your first payment, you can sign in to My Account to view details about your payment, including income tax and any other deductions that apply.

• Pension payments and dates: Find out when you’ll receive your payment.

Your pension is adjusted for inflation

You may receive cost-of-living adjustments each year. These adjustments help your pension keep pace with inflation

• Cost-of-living adjustments: Learn the basics of cost-of-living adjustments, including this year’s increase.
• Adjusting for inflation: Take a closer look at how cost-of-living adjustments can help preserve your buying power throughout your retirement.

Income taxes

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

Sign in to My Account to view and print your tax slips.

• Tax information for retired members: Learn about tax deductions, tax slips and income splitting.
• Six tips for tackling your tax return in retirement: Explore practical tips to make filing your taxes easier.

• Canada Revenue Agency: Get detailed information about income taxes from the Government of Canada.

Other sources of retirement income

You may be entitled to other retirement benefits

Contact the Government of Canada to find out if you are eligible for benefits like Canada Pension Plan, old age security and the guaranteed income supplement.

• Government of Canada: Find out if you’re eligible for other retirement benefits.

Financial planning can help you make sense of it all

Your total income in retirement may be less than what you earned while working. Take advantage of financial planning resources to understand what a change in income means for you.

• Financial Planning Canada: Learn about some of the financial planning resources available to you.
• Financial Consumer Agency of Canada: Access services and information to expand your financial literacy.