HOOPP benefit improvements and your 2019 RRSP contribution room
As you know, HOOPP made benefit improvements, effective Jan. 1, 2018, including an increase to the lifetime pension related to service before 2018. As a result, you may have received a past service pension adjustment (PSPA) tax slip from HOOPP last year.
This PSPA reduces your 2019 registered retirement savings plan (RRSP) deduction limit and, in turn, the amount you are eligible to contribute to your RRSP.
To confirm your RRSP contribution room, you can use Canada Revenue Agency’s My Account secure portal or
the MyCRA mobile app. You can also call the Tax Information Phone Service (TIPS) at 1-800-267-6999. Furthermore, if your 2019 RRSP contribution room has been reduced because of the 2018 PSPA, CRA will send you an updated notice this fall.
It is important to avoid over-contributing to your RRSP because tax penalties may apply. For assistance with your RRSP and income taxes, we recommend that you speak with a tax advisor.
If you have any questions or concerns, please contact our Member Services team at 416-646-6445 or toll-free at 1-877-43HOOPP (46677), Monday to Friday, 8 a.m. to 5 p.m. EST.
Learn more about HOOPP’s 2018 benefit improvements.
This document provides a simplified overview of HOOPP's benefits based on the terms of the HOOPP Plan Text at the time of publication. From time to time, HOOPP may amend the HOOPP Plan Text. In cases where the information provided in this document differs from that contained in the HOOPP Plan Text, the HOOPP Plan Text will govern. More details, including the full HOOPP Plan Text and a complete description of the Plan and its benefits, can be found on hoopp.com.
What can we help you find?