Retired Member Newsletter

A Taxing Matter: Making the Most

Tax time is just around the corner, and it's a good time to make sure that you're claiming all the tax credits and deductions available to you. You may wish to consult a tax accountant.

Income tax slips

OMERS will mail your 2010 tax slip for your pension to your principal (home) address by the end of February 2011. We will also send a copy to the Canada Revenue Agency (CRA).

  • T4A tax slip for Canadian residents;
  • NR4 tax slip for non-residents;
  • If part of your pension is paid from the Retirement Compensation Arrangement (RCA), you will get a separate tax slip for that portion.

The tax slip is your official proof of income. It shows the total amount of pension paid to you in the previous calendar year and the total tax deducted and remitted to the CRA by OMERS. You should receive your tax slip by early March.

  • If you don't receive it, contact OMERS Client Services; we will confirm your mailing address and send you another slip.
  • If you are a registered myOMERS* user, you can print extra copies of your T4A slips directly from your online file.

Additional income tax deductions

The tax withheld from your OMERS pension is based on your monthly pension payments, and your federal and provincial income tax forms (TD1) or country of residence information. To update your income tax information, send OMERS a new TD1 form, available at www.cra-arc.gc.ca.

You can arrange to have OMERS deduct additional tax from your monthly payments. For example, if your total income puts you into a higher tax bracket, increasing the tax at source may help you avoid a big bill at tax time. You may wish to discuss your situation with a tax adviser or the CRA.

To change the additional tax withheld from your monthly pension payments:

The following websites have information about tax credits and grants for seniors and retirees that may be useful.

Federal age tax credit (once you reach age 65) www.cra-arc.gc.ca/seniors/

GST/HST credit program www.cra-arc.gc.ca

Ontario Sales Tax Credit (this is in addition to the GST/HST credit) www.rev.gov.on.ca/en/credit/stc

Senior Homeowners' Property Tax Grant www.rev.gov.on.ca/en/credit

Northern Ontario Energy Credit (for Northern residents) www.mndmf.gov.on.ca/northern_energy_credit

Pension income splitting (available to couples at tax time) www.cra-arc.gc.ca