Your January pension
January 07, 2020
All pensions will receive the 2% cost-of-living adjustment in 2020, effective January.
The adjustment is based on the Consumer Price Index (CPI), a weighted basket of goods and services typically purchased by Canadian households each month.
Your January pension will receive the full increase, unless you last worked in 2019. In this case, your first pension increase will be prorated from the month following your last day of credit in 2019.
Sign in to your online account to see your new pension amount.
Other adjustments or deductions to watch for:
Membership fee deductions
Adjustments to health insurance premiums
If you subscribe to a health insurance plan through RTO (Johnson’s) or Ontario Teachers Insurance Plan (OTIP), premiums are often adjusted in December or January (premiums are deducted each month). Other than deducting premiums, we don’t administer your health insurance plan. If you have questions about your coverage or premiums, please contact your health insurance plan directly.
Changes in your income tax deduction
The Canada Revenue Agency sets the income tax rates deducted from your pension. The rates used in 2020 can be adjusted right up until December 31, 2019. You can increase the amount of tax deducted each month from your pension by signing in to your online account.
Click here for a list of pension pay days for this year.