A spousal RRSP is an RRSP for the benefit of one spouse, but contributions are made and deducted by the other spouse. Spousal RRSPs are a good strategy if you expect one spouse to be in a lower tax bracket in retirement because they provide the benefit of balancing retirement income. It’s also beneficial if one spouse is older than the other. The older spouse can continue to make RRSP contributions to the spousal plan until the end of the year the younger spouse turns age 71 (provided the contributing spouse has qualifying earned income and available contribution room). There are attribution rules associated with early withdrawals from a spousal RRSP.
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