Spousal Registered
Retirement Savings Plan

Investment & Savings

Spousal Registered Retirement Savings Plan
(Spousal RRSP)

Spousal RRSP

Spousal Registered Retirement Savings Plan (Spousal RRSP) is a tax-deferred investment account designed to provide retirement income for both partners in a spousal relationship. It allows one spouse to contribute to an RRSP in the other spouse's name, providing potential tax advantages and income-splitting opportunities.

Key Features of a Spousal RRSP

  • Contribution Limits: The contribution limit for a spousal RRSP is the same as an individual RRSP, which is based on your contribution room. Your RRSP contribution room can be found on your Notice of Assessment from the Canada Revenue Agency (CRA).
  • Tax Deductibility: Contributions made to a spousal RRSP are tax-deductible for the contributing spouse. The contributor can claim the deduction on their income tax return, reducing their taxable income.
  • Attribution Rules: One important aspect of spousal RRSPs is the attribution rule. If funds are withdrawn from a spousal RRSP within three calendar years of the contribution, the income will be attributed back to the contributing spouse and will be taxed in their hands. This rule is in place to prevent income splitting by contributing to a spousal RRSP and then immediately withdrawing the funds.
  • Retirement Income Splitting: Spousal RRSPs offer the advantage of income splitting during retirement. When funds are withdrawn from a spousal RRSP after a three-year waiting period, the income is attributed to the spouse who owns the RRSP. This can be beneficial if one spouse has a higher income than the other, as it allows for more equal distribution of retirement income and potentially reduces overall tax liability.
  • Contribution Deadline: The deadline for contributing to an RRSP, including a spousal RRSP, is typically the end of February of the following calendar year. For example, contributions for the 2022 tax year must be made by the end of February 2023.
  • Taxation upon Withdrawal: Similar to individual RRSPs, funds withdrawn from a spousal RRSP are considered taxable income and will be taxed at the spouse’s marginal tax rate at the time of withdrawal.

For information regarding the rules and regulations

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