Spousal RRSPs - What They Are and How They Work (Benefits Explained)

Many couples who have a significant difference in income levels, whether married or common-law, seek strategies to help bridge that gap and save on taxes.

The spousal Registered Retirement Savings Plan (RRSP) is a flexible savings option that allows one spouse to share retirement income with their spouse and offers some additional tax savings for the higher income earner.

The main strategy when it comes to Spousal RRSPs is to carefully consider the timing of your contributions and withdrawals to avoid paying unnecessary penalties or increased taxes, which we'll discuss in more detail in this video.

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Regan Schiller holds his Certified Financial Planner designation, Registered Retirement Consultant and Certified Life Underwriter designations.

These videos were produced while I was an Executive Financial Consultant with IG Private Wealth Management. As of September 27, 2024, my affiliation changed to Wellington-Altus Private Wealth where I have taken the role of Wealth Advisor.

The information contained herein has been provided for information purposes only. The information has been drawn from sources believed to be reliable. The information does not provide financial, legal, tax or investment advice. Particular investment, tax, or trading strategies should be evaluated relative to each individual’s objectives and risk tolerance. This does not constitute a recommendation or solicitation to buy or sell securities of any kind. Market conditions may change which may impact the information contained in this document. Wellington-Altus Private Wealth Inc. (WAPW) does not guarantee the accuracy or completeness of the information contained herein, nor does WAPW assume any liability for any loss that may result from the reliance by any person upon any such information or opinions. Before acting on any of the above, please contact your financial advisor.