Payments and deductions

Direct deposit pension payments will continue as scheduled. However, cheques for commuted value payments may take longer because of delays in mail delivery service.


Direct deposit

We only send out monthly pension payments electronically. Direct deposit is available for pension payments made to bank accounts in Canada and the U.S. For payments to accounts outside Canada and the U.S., you can sign up for international electronic payments in your local currency.

Direct deposit isn’t available for commuted value payments at this time.

Taxes

Your pension is a form of taxable income. We deduct tax based on the province or country that you live in, as specified by the Canada Revenue Agency (CRA).

Contact CRA for information about changes to taxes related to COVID-19.


External link for payments and deductions

Canada Revenue Agency