Comments on: Smart ways to use spousal RRSPs

By: Contribute to your RRSP « MoneySense

Contribute to your RRSP « MoneySense — Mon, 27 Jun 2011 15:49:44 +0000

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By: romanaking

romanaking — Tue, 21 Jun 2011 14:40:14 +0000

@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.

By: romanaking

romanaking — Tue, 21 Jun 2011 14:39:01 +0000

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

By: Jen

Jen — Tue, 21 Jun 2011 03:28:20 +0000

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

By: Kat

Kat — Tue, 14 Jun 2011 15:01:21 +0000

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