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OSSTF District 11- Thames Valley
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District 11 Office |
TVDSB RRSP Information
Registered Retirement Savings Plan accounts are set up for eligible teachers, in accordance with Article 13 of the Teachers' Bargaining Unit Collective Agreement, with the exception of those teachers from the former Elgin County Board of Education who have contributions, as determined by the LTSIP Committee, made to their LTSIP accounts instead.
Federation Services Officer Contact: Mary Lou Cunningham
February 2006 RRSP deposit
 | Members who received an RRSP contribution to their OTG accounts in Feb. 2006, will receive a letter from the Payroll Department regarding the “pensionable and insurable” deduction that will occur on the 3rd pay cheque in March, 2006. As stated in the Payroll Services letter, the RRSP contribution is a taxable benefit. As such, it is subject to inclusion in the calculation of the deductions for CPP and EI. In the past, this deduction occurred near year end. Since the RSP deposit is paid out by the Board in February, they have determined that the deduction should simply occur in a more timely fashion. There is no change in anything other than the timing of the deduction this year. In addition, members will now reach their threshold of deductions for CPP and EI earlier this year. If further details are required, RSP contributors may call Mary Lou Cunningham at the District Office. |
| The February 2006 RRSP deposits have been made. You will receive your contribution slip from OTG Financial Inc. sometime in March. Because the contribution was made in the first 60 days of 2006, you may use the contribution slip to offset either your 2005 or your 2006 taxes. The amount you received in February 2006 will be added to your 2006 T4 slip in box 40 as a taxable benefit. |
| After filing your 2005 Income Tax return, you will receive your 2005 Notice of Assessment from the Canada Customs and Revenue Agency. This document indicates your 2006 RRSP room and you will need to know this figure when data is gathered for the 2006 RRSP allocation. |
Links
| Canada Revenue Agency | ||
| OTG Financial Inc. | ||
| Ontario Teachers' Pension Plan
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