Yahoo Canada Web Search

Search results

1. People also ask

   Can a spouse contribute to an RRSP?

   • The contributing spouse must have available RRSP contribution room, which is based on their earned income from the previous year and any unused contribution room carried forward. When contributing to your RRSP, the contributing spouse can claim a tax deduction for the amount contributed to their partner’s Spousal RRSP.

   Spousal RRSP Explained: Benefits, Rules & Tax Implications - Money Wiz…

   moneywizard.ca/investing/rrsp/what-is-a-spousal-rrsp/

   See all results for this question

   Can a spousal RRSP reduce income tax After retirement?

   • Couples can take advantage of spousal RRSPs as a way to reduce income tax after retirement. RRSP contributions stop after age 71, though you can contribute to a younger spouse’s/ common-law partner plan. A spousal Registered Retirement Savings Plan works in much the same way as any other RRSP.

   Spousal RRSP: Contribution & Withdrawal Rules - TurboTax® Canada

   turbotax.intuit.ca/tips/contributing-to-a-spousal-rrsps-5522

   See all results for this question

   Can I contribute to my spouse's RRSP If I'm 71?

   • After December of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spousal or common-law partner RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year you make the contribution. For more information, see Contributing to your spouse's or common-law partner's RRSPs.

   Spousal RRSPs or common-law partner RRSPs - Canada.ca

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-options-when-you-turn-71/spousal-rrsps-common-law-partner-rrsps.html

   See all results for this question

   Can a spousal RRSP be tax-deferred?

   • If one partner earns little or no income, so that contributing to their own RRSP doesn’t offer any tax benefits, the higher-income spouse can make tax-deferred contributions to their lower-income partner’s retirement savings through a spousal RRSP.

   A guide to spousal RRSPs for married and common-law partners

   www.moneysense.ca/columns/ask-a-planner/a-guide-to-spousal-rrsps-for-married-and-common-law-partners/

   See all results for this question

   Can a spousal or common-law partner RRSP contribute more than my deduction limit?

   • Contributions you make to a spousal or common-law partner RRSP reduce your RRSP deduction limit. The total amount you can deduct for contributions you make to your RRSP or your spouse's or common-law partner's RRSP cannot be more than your RRSP deduction limit. For more information, see Where can you find your RRSP deduction limit

   Contributing to your spouse's or common-law partner's RRSPs

   www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/contributing-your-spouse-s-common-law-partner-s-rrsps.html

   See all results for this question

   What is a spousal RRSP?

   • A spousal RRSP only differs from a personal RRSP in that it’s a plan to which you can contribute but remains in your spouse’s name and under their control. An income tax reduction in the tax year you make a contribution, up to your annual contribution limit, even after you turn 71 as long as your spouse is younger than 71.

   Spousal RRSP: Contribution & Withdrawal Rules - TurboTax® Canada

   turbotax.intuit.ca/tips/contributing-to-a-spousal-rrsps-5522

   See all results for this question

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

   www.canada.ca › en › revenue-agency

   • Cached

   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.

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

   www.moneysense.ca › columns › ask-a-planner

   • Cached

   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...

4. Videos

   • 

     3:55

     youtube.com

     WHAT IS A SPOUSAL RRSP? RRSP vs Spousal RRSP Explained.

     Feb 20, 2019

     18.9K Views

   • 

     6:05

     youtube.com

     Spousal RRSP Explained: How It Works and the Tax Benefits (Pros and Cons)

     Oct 11, 2023

     1.9K Views

   • 

     11:14

     youtube.com

     Benefits To Spousal RRSPs...Are There Any?

     Jun 2, 2021

     15.7K Views

   View all

5. turbotax.intuit.ca › tips › contributing-to-aSpousal RRSP: Contribution & Withdrawal Rules - TurboTax® Canada

   turbotax.intuit.ca › tips › contributing-to-a

   • Cached

   Dec 4, 2023 · A spousal RRSP, like all RRSPs, is targeted to create retirement income. You can withdraw from RRSPs prior to then, but that money is taxed along with any other income you have for the year. Since no tax is withheld on the RRSP withdrawal, you may face a sizable amount owning on your return.

6. www.canada.ca › en › revenue-agencySpousal RRSPs or common-law partner RRSPs - Canada.ca

   www.canada.ca › en › revenue-agency

   • Cached

   Jan 15, 2024 · After December of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spousal or common-law partner RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year you make the contribution.

7. www.canada.ca › en › revenue-agencyRegistered Retirement Savings Plan (RRSP) - Canada.ca

   www.canada.ca › en › revenue-agency

   • Cached

   An RRSP is a retirement savings plan that you establish, that we register, and to which you or your spouse or common-law partner contribute. Deductible RRSP contributions can be used to reduce your tax.

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

   www.td.com › personal-investing › learn

   • Cached

   A spousal RRSP allows you to contribute money to your spouse or common-law partner's registered retirement savings plan, up to your personal contribution limit. When a contribution is made to the spousal RRSP, the contributor receives a tax deduction.

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

   moneywizard.ca › investing › rrsp

   • Cached

   May 13, 2024 · A Spousal RRSP is a type of Registered Retirement Savings Plan (RRSP) that allows one spouse or common-law partner to contribute to an RRSP in their partner’s name. Its primary purpose is to split retirement income between partners, potentially reducing the couple’s overall tax burden in retirement.