A Spousal RRSP (SP RSP) works the same way as a Registered Retirement Savings Plan, however your spouse owns the account. When you make contributions, you will receive a tax deduction. This type of account can be useful for tax planning and can be especially beneficial for a couple where one earns considerably more than the other by creating a more equal balance between incomes. It can also be a good account to have if one partner has a work pension and the other doesn’t.
As with any financial goal or endeavor, you will benefit from working with a financial planner. If you and your spouse are looking for ways to maximize your finances, click here to book your free consultation today.