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Spousal RRSPs
You may set up an RRSP for your spouse and make contributions on their behalf, up to your own personal limit. For example, if your limit for this year was $10,000 and you made a $6,000 spousal contribution into your spouse’s RRSP, you would only be allowed to make a $4,000 contribution into your own RRSP. While the plan is owned by your spouse, you get the tax deduction. There are numerous benefits to spousal plans, the most important of which is the long term benefit of providing your spouse with an income stream at retirement and potentially reducing the tax you pay.
These are just a few of the basic rules governing RRSPs. There are
different types of RRSPs that are available, each with their own
features and benefits.