How to Change your Tax Deductions
The new year is a good time to review the amount of taxes being withheld from your pension to determine if that number needs to be adjusted. If you have multiple sources of income or new sources of income for 2023, it’s important to consider whether enough taxes are being taken off your pension payment each month.
When calculating the tax amount that is withheld from your pension payment, ATRF uses the formula specified by the Canada Revenue Agency (CRA).
We also use the following information if it’s applicable:
- Any tax credits you claimed on the last TD1 forms you submitted (federal and/or provincial).
- Any additional taxes you requested to be deducted from your pension using ATRF’s Request for Additional Income Tax form.
- If you change your home address, your tax rate (provincial or out-of-country) will be adjusted accordingly.
In addition, tax credits are adjusted routinely every January, based on the revised tax credits the CRA provides to ATRF.
If you’d like to change the taxes withheld from your pension, you will need to fill out a new provincial/territorial form and a federal TD1 form. You can submit your completed digital TD1 form through MyPension. You can also send us a paper copy using our secure email tool.
For information about what applies to you when living out-of-country, please contact us at email@example.com.