Sensory processing arises from the communication between neural populations across multiple brain areas. While the widespread presence of neural response variability shared throughout a neural population limits the amount of stimulus-related information those populations can accurately represent, how this variability affects the interareal communication of sensory information is unknown. We propose a mathematical framework to understand the impact of neural population response variability on sensory information transmission. We combine linear Fisher information, a metric connecting stimulus representation and variability, with the framework of communication subspaces, which suggests that functional mappings between cortical populations are low-dimensional relative to the space of population activity patterns. From this, we partition Fisher information depending on the alignment between the population covariance and the mean tuning direction projected onto the communication subspace or its orthogonal complement. We provide mathematical and numerical analyses of our proposed decomposition of Fisher information and examine theoretical scenarios that demonstrate how to leverage communication subspaces for flexible routing and gating of stimulus information. This work will provide researchers investigating interareal communication with a theoretical lens through which to understand sensory information transmission and guide experimental design.