There are many ways for you to pay for your leave of absence or prior service. Your Buyback Proposal will list all the options available to you, which may include:
- regular payroll-deductions arranged with your employer (according to the number of installments you choose on your Buyback Election);
- payment via cheque to your employer for a lump-sum payment of either the total buyback amount or a portion of it; or
- transfer of funds from a registered retirement savings vehicle, such as a Registered Retirement Savings Plan (RRSP) or a Locked-In Retirement Account (LIRA).
Payments must be made according to the schedule on your Buyback Proposal.
If you have already begun making payments but no longer wish to pay for the full amount, you can prorate your service and purchase only a portion instead of the full amount.
For example, if the cost of buying one year of service was $10,000 and you decided to stop making payments after paying $5,000, you would receive credit for half a year's service (before any interest charges get factored in).