Cost / Premiums

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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: 

Senior Manager retirees pay... ​NAV CANADA pays...
​$0 ​$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.

 

Published on February 01, 2016