Retirement isn’t just a milestone — it’s a lifestyle decision. For incorporated physicians, it’s about building a future that reflects the discipline and sacrifice of your career. At Imperial Lifestyle Management, we understand that choosing the right retirement vehicle isn’t a simple numbers game. It’s about aligning your long-term financial strategy with the life you want to lead.
Two dominant players in this space:
HOOPP (Healthcare of Ontario Pension Plan) and the Registered Retirement Savings Plan (RRSP). Each brings a different set of advantages to your financial toolkit.
Let’s break it down — without the financial jargon.
Understanding HOOPP: Stability with a Long-Term Horizon
Once exclusive to hospital-based staff, HOOPP now welcomes incorporated physicians — opening the door to one of Canada’s most established pension platforms.
Key Benefits of HOOPP:
- Predictable income: As a defined benefit pension, your retirement income is calculated based on contributions and years of service — not market swings.
- Strategic planning: Contributions flow through your corporation, supporting an efficient long-term financial framework.
- Consistency: Portability allows your pension to follow you, no matter where you practice.
- Cost-effective growth: HOOPP’s scale and non-profit model deliver remarkably low fees with reliable returns.
This isn’t just about retirement — it’s about building certainty into your financial future.
RRSPs: Flexibility on Your Terms
The RRSP remains a staple for Canadians seeking control over their retirement planning. With full discretion over your investments, it’s a versatile tool in your financial portfolio.
RRSP Advantages:
- Full control: Invest in mutual funds, stocks, ETFs, or GICs — your strategy, your pace.
- Tax-deferred growth: Earnings compound tax-free until withdrawal.
- Immediate deductions: Contributions reduce your personal taxable income today.
But flexibility comes with volatility. Your future income isn’t guaranteed — it depends on investment performance and timing.
HOOPP vs. RRSP: A Head-to-Head Comparison
Do You Really Have to Choose?
Not necessarily. In fact, the most effective retirement strategies often integrate both.
HOOPP offers stability — a cornerstone pension plan that’s predictable and protected. RRSPs bring agility, allowing you to adapt and invest with discretion. While contributions to HOOPP reduce RRSP room, they’re not reducing your savings potential — just reallocating it through a more structured pension model.
When designed correctly, this dual approach creates both security and flexibility.
The Bigger Picture: What’s Right for You?
Retirement strategies should evolve with your life and your practice. Your corporation isn’t just a business entity — it’s a powerful planning vehicle. Knowing how to structure your retirement contributions across HOOPP and RRSPs can elevate your long-term financial security and give you back control over your time, your income, and your future.
That’s where we come in.
At Imperial Lifestyle Management, we specialize in building tailored financial plans for physicians. Our advisory model helps you navigate complex decisions with clarity — so you can focus on what you do best, while we ensure your wealth works just as hard as you do.
Let’s Craft a Retirement Strategy That Reflects You
You’ve earned the right to a future defined by confidence — not uncertainty.
Let’s align your practice, your corporation, and your retirement goals into a unified strategy. Contact Imperial Lifestyle Management today to get started.
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