Taxes are deducted from your monthly pension payment, similar to when you were working. Income tax deductions are based on government requirements and the personal tax information you reported to PSPP when you retired. This includes information such as where you live, whether you collect an additional pension, have additional income or are income splitting with your spouse or partner. When calculating your tax deductions, we assume that your only source of income is your PSPP pension, unless you tell us otherwise.
You can review the amount of tax deducted from your pension in Your Pension Profile.
The tax deducted from your PSPP pension can be adjusted if:
- you become eligible for tax credits, such as disability credit, dependent support credit or tuition credit; and/or
- you receive multiple sources of income and require more tax to be deducted.
You'll need to complete a provincial or territorial TD1 form and/or a federal TD1 form, depending on the type of tax deduction requested.
You may want to speak to an accountant, tax preparer or the Canada Revenue Agency if you have questions about tax deductions.
Your T4A is a summary of income from your pension plan, and it is used when you file your tax return.
T4A tax slips are posted online in Your Pension Profile, and you are notified by email, by the end of February every year for any pension you receive that is administered by Alberta Pensions Services Corporation (APS).
If you live outside Canada, you will receive an NR4 slip instead of the T4A.