Pay in Cash
We recommend paying for as much of your buyback as possible in cash. Why? Tax savings.
You'll receive a tax receipt from us in February for any cash payments you make. You can use it to claim a deduction on your income tax return and, depending on your situation, you could end up getting a tax refund if you pay for your back when you return to work and are receiving your full income again.
We accept cash payments made from a personal bank account (by cheque, Internet or telephone banking). You can’t pay for your buyback with a credit card or through payroll deduction.
To pay by personal cheque:
- Make your post-dated cheques payable to the Ontario Teachers' Pension Plan.
- Reference your buyback number on the cheque.
- Mail your cheque to:
Ontario Teachers' Pension Plan
5650 Yonge Street
Toronto ON M2M 4H5
To pay by Internet or telephone banking:
- Set up "Ontario Teachers' Pension Plan" as a payee.
- Use your Ontario Teachers' account number as the bill account number (do not use the buyback number).