RRSP Question

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RRSP Question

Post by Ex Member on Sun 09 Feb 2014, 11:32

Does anyone know the answers to these questions? Tried googling but "Spousal RRSP" keeps coming into play.
Hypothetical scenario ~ a married couple. Can a regular RRSP and applicable contribution be shared between both married persons when doing their  CRA tax returns even if it is not a "Spousal RRSP" in the event that the RRSP contributor and name holder does not use all the deductible amounts and it would benefit the other married partner with their tax burden? Secondly, if a married couple wants to open a RRSP ~ does it automatically become a spousal RRSP? Thanks in advance for your input.

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Re: RRSP Question

Post by teentitan on Sun 09 Feb 2014, 12:20

From my experiences with RRSP's is this. No joint RRSP's exist as you name each other as beneficiaries. You either have a RRSP for yourself or a spousal or both.

Your previous year income statement has the maximum RRSP contribution you can make. So maxing out your spousal or your own is all you can do. Don't forget you can also max out your wife's RRSP with the SISIP money. This will help each other's tax return. You may take a hit and pay but your wife gets money back so it's a small win. But it's a win.

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