2021 benefit improvement and your 2022 RRSP contribution room
Update on HOOPP’s 2021 benefit improvement
As a result of the 2021 benefit improvement, eligible members were notified in the summer of a past service pension adjustment (PSPA) and received a T215 tax slip to reflect the increase to their lifetime pension. Copies of these documents can be viewed online, using the My Mailbox tool on HOOPP Connect.
If you received the benefit improvement, the PSPA reduces your registered retirement savings plan (RRSP) deduction limit for 2022 and, in turn, the amount you will be eligible to contribute to your RRSP next year.
In 2022, you’ll be able to confirm your RRSP contribution room by:
- using CRA’s My Account secure site or mobile web app at canada.ca/my-cra-account
- calling the CRA Tax Information Phone Service (TIPS) at 1-800-267-6999
- reviewing your 2021 Notice of Assessment that you will receive from the CRA after filing your 2021 tax return
Why did I get a PSPA?
Your employer reports a pension adjustment (PA) for you annually on your T4. The PA reflects the value of the pension benefit earned that year and impacts the amount of money you can contribute to your registered retirement savings plan (RRSP).
Since your pension benefits have been improved on a past service basis, a PSPA was reported to the Canada Revenue Agency (CRA). This PSPA is a result of the increase to your lifetime pension for service in the years 2018, 2019 and/or 2020. Generally, a PSPA represents the difference between the revised PAs and those originally reported for you.
We’re here to help
If you have any questions about this PSPA or your HOOPP pension, 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 the 2021 benefit improvement.
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2021 benefit improvement and your 2022 RRSP contribution room
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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.
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