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Monday, January 18, 2010

Spousal RRSP

As I am getting married soon, we were talking about taxes the other day, and my fiance joked that "I had better be able to get her below the tax bracket so she gets her GST cheques this year". Then I started thinking, I am taxed at a higher bracket than she is, so deductions above the amounts to get her to that tax level are better given to me.

The option that I am thinking about is Spousal RRSPs. Because I am getting taxed at a higher marginal rate, the contributions will still be whatever we individually do, but the deductions would go to the higher income earner.

Here are some links (for myself for further reading)

Spousal RRSPs from TD
How Spousal RRSPs Work (from Million Dollar Journey)
Can RRSPs and Spousal RRSPs be rolled into one?"


  1. you can't have your cake and eat it too...

    " contributions to a spousal account use up the contribution room of the person making the contribution." (from mdj)

  2. That still shouldn't be an issue as most people have thousands of dollars available in their RRSP contribution limit (based on previous years of under contributing). I'll look into it further.