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.
Related content for payments and deductions
How to manage your banking information
Tax information for retired members