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Smart ways to use spousal RRSPs

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5 Responses to “Smart ways to use spousal RRSPs”

  1. [...] even further — or weigh them against pension contributions — read more coverage here, here and here. Post a [...]

  2. romanaking says:

    @Kat,
    As far as I am aware common law couples are considered legally married, under tax law. That means you a common law couple may also take advantage of spousal RRSPs. Just ask your investment adviser to confirm.

  3. romanaking says:

    Hi Jen,
    Great question. Your husband's contribution to your spousal RRSP may not exceed his personal RRSP deduction limit.
    For example, if your husband earns $50,000 a year, then based on the current contribution limit of 18% of previous year's earned income, he could contribute $9,000 to RRSPs. He could contribute the whole $9,000 to his personal RRSP, or $9,000 a spousal RRSP or a portion to each RRSP as long as the total amount contributed does not exceed $9,000. Of course, this assumes no carry-forward of unused contributions or over-contributions.
    Hope that helps!

    Romana

  4. Jen says:

    If my husband earns 100,000.00 dollars per year. Exactly how much should he contribute to a spousal RRSP ?

  5. Kat says:

    If you are a common law couple can you use the advantages of a spousal RRSP?