Although you're now retired and may be done with work, you're not yet done with taxes. Tax slips, such as a T4A or NR4 are issued each calendar year for your LAPP pension benefit.
Your Tax Slip
Your tax slip is a summary of income from the pension plan(s) as well as the amount of tax withheld and is used when you file your annual tax return. It will also include any other pension payments where the pension benefit administration services are provided by Alberta Pensions Services Corporation (APS).
When will I receive my tax slip from LAPP?
Your tax slip is loaded onto Your Pension Profile as soon as it is ready, which is typically early February. Logging in to your secure online account, Your Pension Profile, is the quickest way to receive your tax slip. There is a 'Tax Slips' section where all of your LAPP-related tax slips are found. Tax slips are not mailed out to members who have selected 'Go Green' or email as their communication preference. If you've selected mail as your communication preference, the mailed tax slip is sent by the end of February.
To find out more about accessing your tax slips online, read 'Online Tax Slips' below.
How much tax is deducted?
When calculating your tax deductions, we assume that your only source of income is your LAPP pension and any other pensions paid by APS, LAPP's pension benefits administration service provider. We don't know what your other sources of income might be, and the tax withheld is based only on your pension income. This means other income might push you into a new tax level.
We also assume that you qualify for the Basic Personal Exemption if you live in Canada, unless you tell us otherwise by submitting a form from the Canada Revenue Agency (CRA). Government tax rates can change from time to time, and you can review the amount of tax deducted from your pension on Your Pension Profile.
If you have any questions, we recommend you speak to an accountant, tax preparer, or the CRA.
Can you deduct additional taxes?
If you have income from other sources, such as government pensions or working during retirement, you may request that additional tax is taken off your LAPP pension payment to avoid owing at tax time. If you want to increase the tax deducted from your pension, contact us.
I'm receiving a large refund from the government at tax time. Can you deduct less tax from my pension?
If you receive a large refund, we may be deducting too much tax. We can reduce the amount deducted if you qualify for additional and eligible tax credits. You might be able to apply for tax credits if you become disabled, turn 65, support certain dependents, or go back to school.
If you wish to claim additional exemptions, or no exemptions, complete the federal TD1 and the TD1 forms for the Canadian province you live in and submit them to us through Secure Messages or by using one of the other ways to contact us. New forms can be submitted any time you need to change exemptions. However, a new form must be completed no later than seven days after there is a change in your entitlements to federal, provincial or territorial personal tax credit amounts.
You can also ask the CRA for permission to reduce the amount of income tax withheld from your pension for deductions and tax credits that you cannot claim on the TD1. These include large charitable donations, support payments required under a divorce or separation agreement, childcare expenses, and allowable RRSP room (possibly carried forward from your working years).
In order to request a reduction, you must complete the T1213 form. If the CRA approves your request, you will receive a written authorization to deduct less tax, which you can then send to us through Secure Messages or by using one of the other ways to contact us.
You can find your tax slips in your secure Your Pension Profile account each year, as soon as they are available, and you can find them there at any time during the year. That means no more waiting for the mail to come and no searching through old paperwork.
Register for Your Pension Profile
Registering for Your Pension Profile allows you to access and manage your personal pension information online. Click on the login button at the top right corner of LAPP.ca to get started. For more information on how to register and log in, check out the Log-In Help page.
After you register for an account with Your Pension Profile, you can choose to 'Go Green' and stop receiving printed versions of some LAPP documents, such as Pensioner Annual Statements and tax slips. You don't have to be signed up for Go Green for your tax slips to be accessible online. Signing up for Go Green means that you won't receive a print version.
Find Your Tax Slips
To find your tax slips online, follow these steps:
The screenshot below shows where you will find the tax slips page once you are logged in.
Save and Print Your Tax Slips
In a few simple steps, you can save and print your online tax slips.
If you move out of Alberta or Canada, please update your contact information as soon as you can so that your provincial or out-of-country tax rate can be adjusted, if necessary. You can update your address and contact information by using Your Pension Profile, sending us a message via Secure Messages, or by using one of the other ways to contact us.
Many countries have tax agreements with the Government of Canada, which means your income may be taxed at a lower rate. You can find a listing of these agreements and tax rates on the Government of Canada's Benefits for Canadians Living Abroad page. If the country you are moving to or live in does not have a tax treaty with Canada, your LAPP pension will be taxed at a standard 25% rate.
You may have gone from one source of income while working to several now that you are retired. In addition to your LAPP pension, you might have payments from the Canada Pension Plan (CPP), Old Age Security (OAS) and other retirement investment income. You might even return to work.
You can put your calculator away; taxes are already deducted from the monthly pension payment you receive. The income tax we deduct varies based on government requirements and what information you have provided, especially the Canadian province, territory, or country in which you reside. You can review the amount of tax deducted by logging in to Your Pension Profile.