Your finances in retirement

Woman at a desk, with calculator, looking at spreadsheets

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.

Your pension is adjusted for inflation

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

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.

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.

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.

Get paid on time, every time

Learn how to update your banking information and sign up for direct deposit wherever you live.

Managing your banking information

Turning 65? Your pension amount may change

Review information about how the bridge benefit and temporary annuity fit into your overall pension.

Early retirement