Income Tax Information
Deductions:
You can deduct your BC Teacher’s license of $95 if you have maintained it. Your receipt can be found at Teaching in British Columbia – Province of British Columbia
You cannot deduct your BCRPVPA or BCRTA membership fees as membership is not a condition of employment.
Take a look at:
Tax Tips for the 2024 Tax Year – for Retired Educators • BC Retired Teachers’ Association
This comprehensive list offers suggestions around common issues and deductions beginning with the recent changes in tax law.
TPP Annual Cost of Living Adjustment
Your monthly TPP pension payment will increase as a result of an annual cost-of-living adjustment (COLA). This 1.6% adjustment will be added to your 2025 pension. COLAs are based on changes in the Canadian consumer price index (CPI) over a 12-month period and the funds available in the plan’s inflation adjustment account. Read more at: Cost-of-living adjustments – Teachers – Teachers
