HOOPP and RRSP limit
My wife and I recently switched our pensions (5 figure amount, accrued over < 2 years) from HOOPP into LIRA and RRSP accounts. I had a couple specific questions regarding the RRSP contribution limits after the transfer:
1) As I understand HOOPP accounts for specific PA and as a result the RRSP limits are lower. And now I've used up my remaining RRSP room for HOOPP transfer. While I understand that with respect to tax treatment, both HOOPP and RRSP are treated similarly and the transfer means that I was able to preserve the tax deferral on the entire sum. But, I could've used this room for additional RRSP contributions had I chosen to stick with HOOPP until pension paid out. Am I missing something in inferring that I've lost RRSP room in the process.
2) I also assume that I would not be able to use the above transfers into RRSP for tax deduction purposes. Is this correct?
3) I had some additional funds that exceeded my RRSP limit and were paid out as cash at minimal tax of 10%. I assume this amount would add on top of my employment income for the 2017 tax year and as I've only paid 10% taxes, due to higher marginal tax rate, I'd to pay additional taxes on this amount. Is this correct?
4) What kind of paperwork would HOOPP issue to ensure the above is worked properly at tax time next year?
Thanks in advance!