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    • Spousal RRSPs in Canada: How They Work - NerdWallet
      • You can contribute to a spousal RRSP for your partner and a personal RRSP for yourself, and your partner can do the same — though it typically makes the most sense for the higher-earning partner to contribute to a spousal RRSP in the lower-earning partner’s name, and not vice versa.
      www.nerdwallet.com/ca/banking/spousal-rrsp

      Spousal RRSPs in Canada: How They Work - NerdWallet

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  3. www.canada.ca › en › revenue-agencyContributing to your spouse's or common-law partner's RRSPs

    Contributions made to a spouse’s or common-law partner’s RRSP can be claimed on the deceased individual’s income tax and benefit return up to that individual’s RRSP deduction limit for the year of death. Example. An individual died in August 2023. The individual 2023 RRSP deduction limit is $7,000.

  4. www.moneysense.ca › columns › ask-a-plannerA guide to spousal RRSPs for married and common-law partners

    Jun 21, 2021 · If one spouse has a lower income or does not work, the higher-income spouse can contribute to a spousal RRSP. The Home Buyers’ Plan (HBP) allows withdrawals of up to $35,000 to use...

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  6. moneywizard.ca › investing › rrspSpousal RRSP Explained: Benefits, Rules & Tax Implications

    May 13, 2024 · No, you can’t contribute to your spouse’s RRSP if they are over 71 years old. The end of the year in which an individual turns 71 is the deadline for making contributions to their own RRSP or a Spousal RRSP in their name.

  7. www.td.com › personal-investing › learnSpousal RRSP Contribution & Withdrawal Rules | TD Canada Trust

    The difference between a spousal RRSP and a personal RRSP is that, with a spousal RRSP, one spouse is the annuitant (the plan holder or owner of the RRSP), while the other spouse (or common-law partner) is the contributor to the plan.

  8. www.forbes.com › contributing-to-a-spousal-rrspsSpousal RRSPs: Contribution And Withdrawal Rules - Forbes

    Jan 31, 2024 · You can contribute the same amount to a spousal RRSP as a traditional RRSP, which is $30,780 or 18% of your income from 2023, plus any unused room in your RRSP.

  9. www6.royalbank.com › en › diWhat is a Spousal RRSP? - RBC Royal Bank

    Oct 5, 2020 · With your own RRSP, you can't contribute to it after the end of the year in which you turn 71. But, if you have a younger spouse and you still have contribution room available, you can contribute to a spousal RRSP until the end of the year in which your spouse turns 71.

  10. www.canadalife.com › spousal-rrspHow do spousal RRSPs work? - Canada Life

    With a spousal RRSP, the working spouse makes annual contributions to the other spouse’s account. When they retire, they each get $50,000 in retirement income. It’s the same total, but because each spouse is taxed at a lower marginal rate, they’d pay less total tax than in the first case.

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