Taxes are deducted from your monthly pension payment, similar to those deductions made from earnings when you were working.
Income tax deductions are based on the personal tax information you have reported to MEPP.
You can review the amount of tax deducted from your pension at mypensionplan.ca
The amount of tax deducted from your MEPP pension can be adjusted if:
- you become eligible for tax credits such as disability credit, dependent support credit or tuition credit; and/or
- you receive multiple sources of income and would like more tax to be deducted.
You will need to complete a provincial or territorial TD1 form and/or a federal TD1 form, depending on the type of change you are requesting.
These forms can be found on the CRA website.
We recommend you speak to an accountant, tax preparer or to CRA if you have questions about tax deductions.