Understanding spousal RRSPs for retirement planning
Explains what spousal RRSPs are and how they help couples split future income to reduce taxes. Covers ownership, contribution rules, attribution rules, and the potential need for separate accounts, advising consultation with a financial planner.
RRSP Home Buyer's Plan details for Canadians
The RRSP Home Buyer's Plan allows first time buyers to withdraw up to 20000 tax free from each spouse's RRSP for a Canadian home down payment. Repayment is over 15 years with annual installments and any shortfall is taxable income. Consult a financial planner and visit the CRA site for details.
MENTIONED IN THIS ARTICLE
RRSP
Canada
Canada Custom and Revenue Agency
Ccra-Adrc.gc.ca
Spousal RRSPs offer simple retirement tax relief
Spousal RRSPs let higher earning spouses contribute to a partner's plan to balance retirement income and reduce overall taxes. Contributions are tax deductible, and withdrawals by the lower earning spouse are likely taxed at a lower rate. Talk to a financial advisor to maximize contributions.
MENTIONED IN THIS ARTICLE
Heather Clarke
Advanced Financial Planning Support
Investors Group
Ing” Clarke
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