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Receiving tailored-to-your-situation support will ensure a stressful transition.
The analysis and processing of the career transition toolkit and its administrative documents represents a somewhat dull process, but it is still a mandatory and unavoidable one.
This toolkit should be ordered a few months before your release date. It contains all the documents you’ll need to fill out in order to indicate your instructions and the decisions you’ll have made after analyzing what suits you best.
Moreover, you will find a retirement benefit estimate statement with your personalized calculation parameters such as your enlistment date, your release date, your average salary, your accumulated service time qualifying for pension, your bought-back service time qualifying for pension (if applicable), and your service time qualifying for pension.
These amounts are only estimates, but they will be very close to reality. There are 2 monthly benefits presented: one before the age of 65 and the other, starting at the age of 65, indicated due to integration with the Canada Pension Plan or the Quebec Pension Plan.
The declaration forms for source deductions on your pension will also be included in the toolkit. These forms must be filled out and submitted to the tax authorities: form TP-1015 for Revenu Québec and the personal tax credits return form TD1 for the Canada Revenue Agency.
We will discuss in a future column the procedure and the analysis you should conduct before completing these forms and decide the tax percentage you would want withheld.
In a nutshell, completing your transition toolkit is an important and necessary step that requires good preparation and pondering. Fortunately, resources exist: it’s up to you to take advantage of them!
Patrice Bergeron, General Manager of the Caisse Desjardins des militaires.
