Employees Turning 71
Have any of your employees turned 71 this year? As stipulated in the Income Tax Act, employees are unable to contribute to their pension plan after the end of the calendar year in which they turn age 71. That means that any of your employees who have turned 71 in this past year will not be able to contribute effective January 1, 2023.
Employees affected by this rule are still able to work; however, they need to apply and start receiving their pension benefits as soon as their contributions end. In this circumstance, teachers should be reported in ATRF-CS with a code 71 with zero contributions.
If your teachers have questions about applying for their pension or working while receiving a pension income, please direct them to our online resources or have them contact our office at email@example.com.