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     • Contributing to a spousal RRSP can help to equalize your retirement income as a couple and lower your household income tax at retirement. This can happen when the lower-income spouse withdraws the funds at a lower marginal tax rate.
     www6.royalbank.com/en/di/hubs/investing-academy/article/what-is-a-spousal-rrsp/kedfik54

     What is a Spousal RRSP? - RBC Royal Bank

2. People also ask

   Should I contribute to my spouse's registered retirement savings plan?

   • There are benefits, but also potential pitfalls, to beware of when considering contributions to your spouse or partner’s registered retirement savings plan. A Certified Financial Planner breaks them down. Couples can open and contribute to a personal registered retirement savings plan (RRSP) or a spousal RRSP—or both.

   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/

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   Should you include a spousal RRSP in your retirement plan?

   • In the right circumstances, incorporating Spousal RRSPs in your household tax and retirement planning may make sense. Many medical professionals open up a separate Spousal RRSP account to make it easier for recordkeeping. However, a regular RRSP account becomes a Spousal RRSP account when a spouse or common-law partner makes a contribution to it.

   Should I contribute to a spousal RRSP? - My Money Matters - RBC Roya…

   www.rbcroyalbank.com/en-ca/my-money-matters/money-academy/investing/investing-basics/should-i-contribute-to-a-spousal-rrsp/

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   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

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   Can I contribute to my spouse's RRSP if he turns 71?

   • 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. How do Spousal RRSPs differ from regular RRSPs in terms of beneficiary designation?

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

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

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   How much money can you contribute to a spousal RRSP?

   • 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. However, the money contributed to a spousal RRSP must still adhere to the annuitant’s yearly RRSP contribution limit.

   Spousal RRSPs: Contribution And Withdrawal Rules - Forbes

   www.forbes.com/advisor/ca/investing/contributing-to-a-spousal-rrsps/

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   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/

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

   www.canada.ca › en › revenue-agency

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   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.

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

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

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   Jun 21, 2021 · Spousal RRSPs can be helpful for people who are saving for a first home. If one spouse has a lower income or does not work, the higher-income spouse can contribute to a spousal RRSP. The Home...

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

   moneywizard.ca › investing › rrsp

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   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.

7. www.wealthsimple.com › en-ca › learnWhat is a Spousal RRSP? | Wealthsimple

   www.wealthsimple.com › en-ca › learn

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   Feb 6, 2024 · Spousal RRSPs allow one partner to contribute to another’s retirement, maximizing both partners’ tax savings — now and in their golden years. First, though, a quick RRSP refresher, since the basics are the same.

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

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

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   Dec 4, 2023 · 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. Benefits of a Spousal RRSP Include: 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 ...

9. www.rbcroyalbank.com › en-ca › my-money-mattersShould I contribute to a spousal RRSP? - My Money Matters

   www.rbcroyalbank.com › en-ca › my-money-matters

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   May 3, 2022 · If you and your spouse or common-law partner have significantly different incomes, it can make sense to set up a Spousal RRSP, so that the higher-earning individual contributes to an RRSP for the lower-earning individual.

10. www.forbes.com › advisor › caSpousal RRSPs: Contribution And Withdrawal Rules - Forbes

    www.forbes.com › advisor › ca

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    Jan 31, 2024 · What Is a Spousal RRSP? How Does a Spousal RRSP Work? How Much Can I Contribute to a Spousal RRSP? What are the Withdrawal Rules for a Spousal RRSP? Benefits of Spousal RRSP Contributions....