Contributing to a spousal RRSP is an income-splitting technique that lets you reduce your taxes, both now and when you retire. Even with the pending changes which allow spouses to split retirement pension income including RRSP/RRIF income after age 65, spousal RRSPs will still make sense if your spouse will be in a lower tax bracket than you at retirement (e.g. if you have a pension or significantly higher RRSP balances). Spousal RRSPs will still allow income splitting prior to age 65, RRSP contributions for individuals over 71 (who have a younger spouse) and greater homebuyers withdrawal options.
Here are some of the benefits:
You should be aware that you cannot transfer from your RRSP to your spouse's RRSP. The decision needs to be made each year when you contribute. As a general rule, you can wait until you are around 45-50, at which point your and your spouse's retirement income will be more predictable, and still have many years to fund the spousal RRSP if required.
Setting up a spousal RRS is easy. Simply contact us at 416-863-7777 or 1-800-387-9273 or email us at spiessmcgladeteam@scotiawealth.com. We would be happy to discuss your needs with you and pull together all the paperwork. We can then send you pre-completed forms for your review and signature.
From Scotia
From Canada Revenue Agency
From other sources
T. 416.863.RRSP (7777)
1.800.387.9273
F. 416.863.7479
E. carl.spiess@scotiawealth.com
allan.mcglade@scotiawealth.com
ScotiaMcLeod is a division of Scotia Capital Inc., member of CIPF.
Security | Privacy Policy | Legal Information | Important Information | Site Map
® Registered trademark of The Bank of Nova Scotia, used under licence. ™ Trademark of The Bank of Nova Scotia, used under licence. Scotia Wealth Management™ consists of a range of financial services provided by The Bank of Nova Scotia (Scotiabank®); The Bank of Nova Scotia Trust Company (Scotiatrust®); Private Investment Counsel, a service of 1832 Asset Management L.P.; 1832 Asset Management U.S. Inc.; Scotia Wealth Insurance Services Inc.; and ScotiaMcLeod®, a division of Scotia Capital Inc. ("SCI"). Wealth advisory and brokerage services are provided by ScotiaMcLeod, a division of SCI. Insurance services are provided by Scotia Wealth Insurance Services Inc., the insurance subsidiary of SCI. When discussing life insurance products, ScotiaMcLeod advisors are acting as Life Underwriters (Financial Security Advisors in Québec) representing Scotia Wealth Insurance Services Inc. SCI is a member of the Canadian Investor Protection Fund and the Investment Industry Regulatory Organization of Canada.
The Spiess McGlade Team is a personal trade name of Carl Spiess and Allan McGlade.