The 2024 cost-of-living adjustment (COLA) for pensioners who retired prior to January 1, 2023 is 2.34%. For persons who retired in 2023, the COLA increase is prorated based on the number of complete months the person was on pension in the year. The increase is applied to the base pension, including any bridge benefit that is being paid. COLA is not applied to any coordination amounts. The COLA increase will be included with the January 2024 payment.
The COLA is set at 60% of the increase in the Consumer Price Index (CPI) (Alberta) as reported by Statistics Canada. The CPI increase for the relevant period was 3.9%. The percentage increase in CPI is derived by comparing the average CPI for the 12 months ending in October 2023 with the corresponding figure for the previous year.
Tax withholdings starting in January will reflect the 2024 rates applicable to the province or country of the recipient’s residence. CIBC Mellon will be issuing 2023 T4A slips in mid-February 2024.
CIBC Mellon can be contacted in North America at 1.800.565.0479 and those outside North America can call collect at 1.519.873.2218. CIBC Mellon can be contacted in writing at CIBC Mellon Pension Benefits Department, PO Box 5858, Station B, London, ON N6A 6H2.
The CIBC Mellon website www.CIBCMellon.com is also available to assist pensioners with current information, frequently asked questions, as well as the “Retiree Assistance” page to submit address changes, banking changes, specific questions, etc.