Long Term Service Incentive Plan (LTSIP) Information

This plan only applies to teachers who were hired by the former Elgin County Board of Education between September 1, 1977 and August 31, 1998. (Those hired previous to September 1, 1977 are eligible for a Retirement Gratuity. Those hired after August 31, 1998 are part of the TVDSB RRSP Plan.)

District Office Contact: David Russell

February 2006 LTSIP Deposit

• Information for the calculations for the LTSIP allocation for 2004-2005 is now being gathered. LTSIP Members are being provided with Individual forms. These are to be filled in, signed and returned to Wendy Hirschegger by Friday January 13, 2006.
  • After filing your 2004 Income Tax return, you will have received your 2004 Notice of Assessment from the Canada Customs and Revenue Agency. This document indicates your 2005 RRSP room and you will need to know this figure when data is gathered for the 2006 LTSIP allocation.
• Once the calculations for the LTSIP allocation for 2004-2005 have been completed, individual letters will be sent to each LTSIP member with the details of their own deposits.
• The OTG Financial Inc. will complete all approved LTSIP allocations as RRSP contributions to individaul accounts by March 1, 2006 and will mail RRSP contribution slips for the amount of LTSIP allocation to individual members.
• This RRSP contribution slip will list your LTSIP allocation for February 2006. You have two choices with respect to this RRSP contribution:
  • You may deduct the RRSP contribution on your 2005 tax return, since the contribution was made by the March 1, 2006 deadline. You would therefore reduce your 2005 taxes.
  • Alternatively, you may deduct this RRSP contribution on your 2006 tax return. In this case you would retain your contribution slip until next year.
• The February 2006 LTSIP allocation is a taxable benefit for 2006, since that is the year in which it was received, and so it will be added to your 2006 T4 slip in Box 40 that you will receive from the Thames Valley District School Board in February 2007.

Links

• Canada Revenue Agency
• OTG Financial Inc.
• Ontario Teachers' Pension Plan
  • Register now for new interactive pension statement

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