Tax issues

• Taking advantage of all of the tax credits and deductions available will help to maximize your money.
• Spouses or common-law partners can share their CPP retirement pension(s) which may result in tax savings.
• Increase tax at source to avoid a big tax bill at tax time. To have additional tax deducted from your OMERS pension payments, you can either:
• send a signed letter, which must include your full name (printed) and OMERS reference number (or social insurance number), and the additional monthly dollar amount you want withheld,
• or complete and return Form 108 – Changing information (retired member/survivor).

Send the letter or completed form to:

          OMERS
          One University Avenue
          Suite 800
          Toronto, ON
          M5J 2P1 

          Fax: 416-369-9704
          Toll-free fax: 1-877-369-9704

• The tax amount withheld from your OMERS pension payment is based on your OMERS monthly pension payments, your federal and provincial income tax forms (TD1) or country of residence information, and any additional tax amount you’ve asked us to withhold.
• To update your federal and provincial income tax information, complete and send OMERS the federal and provincial TD1 forms available on the Canada Revenue Agency website.
• Be sure to take advantage of all tax credits on your income tax return. For example, once you turn 65, you may be eligible for the federal age tax credit.
• When you were working you may not have qualified for the GST credit, but you might qualify now that you’re on pension.
• When you withdraw additional income from a RRIF or other plan, keep in mind the extra income could impact your eligibility for various government programs such as age credits, GST credits, the Guaranteed Income Settlement (GIS) and more. Always check first.