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Spousal RSPs

Overview

  • Ability to contribute to your spouse's RSP
  • Income splitting opportunities

As well, spousal RSPs are an effective tool in planning for a couple's retirement. Typically, a couple with one wage earner is best suited for a Spousal RSP.


Is this Registered Plan right for you? 

Right for you if you:

  • Plan on making a contribution to your RRSP to reduce your taxable income while your investments grow on a tax-deferred basis
  • Expect to have room to contribute before retirement based on the maximum yearly contributions allowed by the Canadian Government
  • Plan on using your RRSP to help you buy a home and are eligible under the Home Buyers’ Plan; or pay for yours, your spouse’s, or  common-law partner’s education and are eligible under the Lifelong Learning Plan

May not be right for you if you:

  • Are planning on making a contribution but do not have available contribution room 
  • Are turning 72 this year - since you can only hold and contribute to an RSP until the year in which you turn 71
  • You think you will need this money in the shorter term for reasons other than buying a home (under the Home Buyers’ Plan) or for education purposes (under the Lifelong Learning Plan)

How it Works

Income Splitting
Spousal RSPs potentially reduces a couple's overall tax bill by shifting the income from the spouse that earns a higher income to the spouse who earns a lower income.

Withdrawing Funds
If a withdrawal is made from the account within three calendar years*, it will be taxed in the hands of the contributing spouse.

Spousal vs. non-spousal RSP
Depending on the circumstances, it may be more appropriate for spouses to have two accounts. So, if you need to make a withdrawal before retirement, you can make it from the account that will benefit more from a tax perspective.

Convenient Ways to Open Your RSP Today!

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Call one of our financial advisors  Mon-Fri (8am-8pm)

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In Person

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Contributor to your RSPs