How the 2023 benefit improvement impacts your RRSP room
Be sure to check your contribution room in 2024
HOOPP is an important part of your retirement security and thanks to the benefit improvement that was announced last year, eligible members will get even more from their pension! It’s also important to keep in mind how this impacts your registered retirement savings plan (RRSP) contribution room.
What you need to know
If you received the 2023 benefit improvement, you were notified this year about a past service pension adjustment (PSPA) and sent a T215 tax slip to reflect the increase to your lifetime pension. Copies of these documents can be viewed online, using the My Mailbox tool on HOOPP Connect.
This PSPA reduces your RRSP deduction limit for 2024 and, in turn, the amount you will be eligible to contribute to your RRSP next year. Be mindful of your revised RRSP contribution room and adjust your contributions accordingly.
In 2024, you'll be able to check your RRSP contribution room by:
- visiting My Account on the Canada Revenue Agency (CRA) secure site
- calling the CRA Tax Information Phone Service (TIPS) at 1-800-267-6999
- reviewing your 2023 Notice of Assessment that you will receive from the CRA after you file your 2023 tax return
Why you received 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 RRSP.
Since your pension benefits have been improved on a past service basis, HOOPP reported a PSPA to the CRA. This PSPA is a result of the increase to your lifetime pension for service before 2023. 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.
/members/member-news
7862bfa7-baf3-4022-b078-d053905c51db
How the 2023 benefit improvement impacts your RRSP room
Active
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?