Spousal RSPs

Right for you if:

  • You have a spouse and want to take full advantage of RSP features

  • You want to allow your spouse to make contributions to your plan

  • A Spousal RSP gives you the following benefits:
  • 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.

    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!

    Phone

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

    1(800)268-9269
    In person

    Make an appointment at your local branch

    Scotiabank branch locator
    Online

    Contribute to your RSPs

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