Do you have questions about how income taxes can affect your HOOPP pension, or whether you can take advantage of pension splitting? We’re here to help!
By law, HOOPP is required to deduct taxes from your monthly pension payment. The amount depends on your monthly income.
You can request an increase to the amount being deducted by calling HOOPP Client Services
. You may wish to get professional financial advice before you make any changes to the taxes deducted from your monthly pension payment.
As of 2007, Canadian residents can allocate up to one-half of eligible pension income to their spouse or common-law partner for income tax purposes. This is particularly beneficial for couples where one partner has significantly more pension income than the other. This does not change how HOOPP reports or pays your pension income. For more information on pension income splitting, please visit the Canada Revenue Agency’s website