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.
We hope you enjoyed reading our blog post. If you want to keep up with the latest financial news and retirement tips, subscribe to our newsletter, follow us on our Instagram, Twitter, Linkedin and Facebook accounts (@jackieportercfp) and keep up with our News Blog.
More Financial News & Events
7 Steps to Budget, Set and Achieve Your Financial Resolutions in 2021
Jan
Are you over insured?
Jan
January Newsletter: How to Start 2021 Strong
Jan
How to Support a Charity During the Holidays
Dec
Top Strategies to Start 2021 Strong
Dec
Post-Divorce Holiday Spending Tips to Keep you in the Black
Dec
Christmas Gifts: Best Ways to Budget during the Holidays
Dec
Top Three Financial Risks to Protect Yourself from
Dec
11 Small Businesses To Support This Holiday Season!
Dec
Why saving for your child’s education is more important than ever
Dec
Top Passive Income Ideas and Guide to Build Your Wealth
Nov
December Timely Tips: How to Get a Headstart in 2021
Nov
How to File Taxes in 2021
Nov
Movember: Men’s Challenges During COVID
Nov
Taking the Reins of Your Aging Parents Finances: What You Need to Know
Nov
Using technology to help your business thrive during COVID-19 and beyond
Nov
Minority Women During COVID: Building Resilience
Oct
Movember Newsletter and Timely Tips: Men’s Challenges during COVID
Oct
Second Wave Grants for Small Businesses and Management Tips
Oct
Gender Gap During COVID
Oct
I’m Recently Divorced, Now What?
Oct
How to Create a Successful Side Hustle during COVID
Oct
Financial News of the Month: September Timely Tips
Oct
How COVID is influencing home ownership
Oct
How are Millennials (Gen Y) Impacted by COVID?
Sep
Financial Implications of Common Law Relationships
Sep
Team Management during COVID: Effective Tips and Insights
Sep
The Great COVID School Impact: How are Schools Changing in 2020?
Sep
Gifting Assets to Adult Children After Divorce
Sep
How to Help Kids Financially Without Hurting Your Bottom Line
Sep
Grants, Funds and Online Education: Student Funding during COVID
Aug
Financial News of the Month: August Timely Tips
Aug
Job Loss & Employment During COVID
Aug
Mental Health and COVID: Breaking Down Stigmas, Mindfulness and Available Resources
Aug
Good News About Critical Illness and Life Insurance
Aug
Dine in Restaurants and Phase 3 of COVID: Patios, Pancakes & Rum Punch!
Aug
Retirement During COVID: Insights and Tips from Instagram Live with Jackie Porter
Jul
July Timely Tips
Jul
Small Businesses and Phase 2 of COVID
Jul
Insights and Tips from Instagram Live with Jackie Porter: Vacations during COVID
Jul
COVID Income Assistance Guide: How to Deal with Sudden Income Loss
Jul
Working Moms During COVID
Jul
June Timely Tips
Jun
Why industry can’t pay lip service to diversity anymore
Jun
Second Career Advice: Tips and Insights from Career Advisors
Jun
Preparing for the Upcoming Recession 2020– What You Need to Know.
Jun
The COVID Retirement: What to Expect and How to Prepare
Jun
How Social Distancing May Affect People Financially: COVID Guidelines
May
How Automation Can Impact Your Survival of a COVID Recession for Businesses
May
Last Minute Tax Tips
May