Retirement & Your Taxes
If you will be retiring, the CRA will recommend that you read pamphlet 119 titled “When you retire”. This can be found here:
Remember, you will not automatically receive the Old Age Security Pension (OAS) or the Guaranteed Income Supplement. You will have to apply for them at your Canada Service Center. We suggest that you apply as soon as eligible. Call 1-800-277-9914 to determine eligibility.
The OAS pension is taxable and will be reported to you each year on a T4A slip.
Retiring Allowances:
- A Retiring Allowance is an amount received when retiring from or leaving a long held position. Some or all of this may be eligible to be transferred to your RRSP.
Your T4A slip will show the amount of your retiring allowance. Box 26 of your T4A will show the amount eligible for transfer. Box 27 will show the amount not transferable.