How to pay for your leave
April 24, 2017
If your leave ends in 2017 you have until April 30, 2018 to tell us if you plan to pay for your leave. You don't have to make payments right away.
If you told us you plan to pay for your leave, you may be wondering what the next step is.
Many of your colleagues pay using an electronic transfer of funds in multiple installments. For example, if you spread payments for a $10,000 leave out over five years, your monthly cost would be about $180 (including interest).
To pay using an electronic transfer of funds:
Sign into your financial institution’s online account
Set Ontario Teachers’ Pension Plan as a payee
Use your Ontario Teachers’ account number as the bill account number (tip: you can find this in the top right corner of the emails we send you)
You can also pay using RRSPs, but the process is more complex and you won't get a tax break. You’ll need to take a T2033 Direct Transfer form to your financial institution to start the process. The transfer could take upwards of six weeks and you’ll likely have to pay administrative fees to your financial institution.
Want more info? Check out our Facebook Live about leaves