Post-retirement Life Insurance
If you are a Senior Management employee receiving an immediate pension, who opted to maintain your Basic Life coverage and apply for Post-retirement Life Insuance within 30 days of the date you leave NAV CANADA, the monthly premiums for Post-retirement Life Insurance are as follows:
||$1.21 / $1,000 of coverage|
Premiums are subject to provincial tax: for Ontario (8%), Quebec (9%) and Manitoba (8%).
Life insurance premiums and provincial tax paid by NAV CANADA constitute a taxable benefit under the Income Tax Act. This amount is added to your T4A and Relevé 2, for retirees. Applicable income tax is deducted from your pension.