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What’s New

Tax changes for pensioners

July 17, 2020

The federal government introduced changes to your basic personal amount (BPA) for federal income tax. Under the new amounts, all pensioners will see less tax deducted at source.

How it’ll affect you

If your net income from all sources is equal to or less than $150,473, your BPA increased to $13,229 from $12,298. You’ll see the updated amount reflected on your July pension deposit.

If your net income is more than $150,473, a sliding scale has been introduced to determine the federal BPA.

Visit Canada Revenue Agency for more details.

If you have questions about the amount being deducted from your Ontario Teachers’ pension, call us (1-800-668-0105), 9 am to 4:30 pm, Monday to Friday.