Payments and deductions

Direct deposit pension payments will continue as scheduled. However, cheques for commuted value payments may take longer because of delays in mail delivery service.

Can I sign up for direct deposit for commuted value payments?

No. Direct deposit isn’t available for commuted value payments at this time.

Can I sign up for direct deposit for pension payments?

Yes. Direct deposit is available for pension payments made to bank accounts in Canada and the U.S. For payments to accounts outside Canada and the U.S., you can sign up for international electronic payments in your local currency.

What if I receive my monthly pension payment by mail?

Starting July 1, 2020, all monthly pension payments will be sent electronically only. Sign up now for direct deposit or international electronic payments.

Can I stop or reduce the amount of taxes taken off my pension payments?

Contact Canada Revenue Agency for information about changes to taxes related to COVID-19. Your pension is a form of taxable income. We deduct tax based on the province or country that you live in, as specified by the Canada Revenue Agency.

External link for payments and deductions

Canada Revenue Agency