The fast-approaching deadline for 2024 RRSP contributions is March 3, 2025.

Splitting income with your spouse can help you to pay less tax. Here are some types of retirement income that are eligible.

A Spousal Registered Retirement Savings Plan (RRSP) is a retirement savings plan that allows one partner in a marriage or common-law relationship to contribute to an RRSP in their spouse’s name.

This is a standard RRSP. Spousal RRSP. An account that provides tax benefits for both halves of a married couple. If one spouse earns more money, they can contribute to a spousal RRSP in the other ...

The conversation turned to RRSPs since the fast-approaching deadline for 2024 RRSP contributions is March 3, 2025. Today, I ...

You have 10 years to repay the amount withdrawn. Use a Spousal RRSP to Split Retirement Income A spousal or common-law partner RRSP allows couples to split retirement income and reduce taxes.

With a spousal RRSP, the lower-income-earning partner owns the plan, so they’re the only ones who can make investment decisions and withdraw—the other partner contributes to it and that’s it.

Here's why most Canadian retirees should consider holding low-cost ETFs such as VSP in the RRSP. The post RRSP Investors: Here’s How to Lower Your Tax Bill in 2025 appeared first on The Motley Fool ...

No. RRSP funds generally cannot be transferred to another person, even your spouse. You’re also not allowed to transfer your personal RRSP directly to a spousal RRSP. However, in specific ...

Whether your goal is tax savings, income smoothing or building a financial legacy, RRSPs and tools such as spousal RRSPs and individual pension plans (IPPs) offer unique advantages. As a business ...

You can use an RRSP to save money for your own retirement, as well as your spouse’s. If your employer offers a group RRSP and will match a portion of your contributions, sign up for it.

So, if you earned $100,000 in 2024, you can contribute up to $18,000 towards the RRSP this year, lowering the taxable income to $82,000. Through spousal RRSPs, Canadian couples can reduce the ...