5 reasons to buy back your leave

February 03, 2015

Still on the fence about whether or not to buy back your leave? Here are five reasons to consider that may help you to make up your mind:

  1. You have five years from the time your leave ends to pay for your buyback. 
  2. You can transfer your RRSPs to pay for all or a portion of your buyback.
  3. Contributions to your pension plan, including buybacks, are matched by your employer. Essentially, this means you are paying for 50% of your retirement.
  4. Adding an extra year to your career may not seem like a big deal now, but as you approach retirement, you may have a different view. 
  5. The security of Teachers' defined benefit pension plan is hard to beat.