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[...] even further — or weigh them against pension contributions — read more coverage here, here and here. Post a [...]
@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.
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
If my husband earns 100,000.00 dollars per year. Exactly how much should he contribute to a spousal RRSP ?
If you are a common law couple can you use the advantages of a spousal RRSP?