Facts on income tax

Don't forget that your pension is taxable income. This means tax will be deducted from your monthly pension. How much tax is deducted will depend on government tax tables, as well as other information.

NSHEPP is required, by law, to deduct tax from your pension if it exceeds prescribed levels. However, you may be able to arrange for less tax to be deducted if you are eligible for federal or provincial tax credits. To tell us about any tax credits you may be eligible for, simply send us a completed TD1 form (the current Personal Tax Credits Return).

You can also use the TD1 form if you want to have more tax deducted from your pension (perhaps because you have income from other sources). Alternatively, you may write to us explaining the specifics. Click here for a form you can use for this purpose. Please ensure that you specify the exact dollar amount of the extra tax that you want taken from your pension over and above any tax that will be normally deducted as required by government tax tables.

RBC Investor Services (the payment custodian for NSHEPP) will prepare your annual T4A by February 28th of each year. If you have not received your T4A by early March, please contact us and we will track down your T4A for you. Remember to advise us of any address changes that occur during the year to avoid problems with receiving your T4A.

This website is for informational purposes only. It is not intended to provide specific individual financial, legal, investment, or tax advice. For full details on legal issues and terms of use, see legal disclaimer.
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