Smart ways to use spousal RRSPs

Balance your taxable income to reduce your overall tax bill



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Spousal RRSPs work because you pay more tax on a single $100,000 income than you do on two $50,000 incomes.

5 comments on “Smart ways to use spousal RRSPs

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


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


  3. 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!



  4. @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.


  5. Pingback: Contribute to your RRSP « MoneySense

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