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a spousal RRSP was $5,000 in 2005, and your spouse withdraws $7,000 from a spousal plan in 2007, the rst $5,000 of that withdrawal will be taxed in your hands since that s the amount of the withdrawal that can be attributed to contributions you made in the year of the withdrawal or the previous two years To avoid this attribution, the withdrawals will have to wait until the third calendar year after you make your last contribution
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You can effectively reduce the waiting period for withdrawals from a spousal RRSP to just two years and still avoid attribution by making spousal RRSP contributions by December 31 each year
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ave has been contributing to a spousal RRSP for his wife, Andrea His last contribution was on December 31, 2004 Dave and Andrea had a
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child in 2006, and Andrea decided to stay home with the new baby for a couple of years Since Andrea s income will be quite low during this time, she has decided to withdraw $8,000 from the spousal RRSP in the year 2007 The $8,000 will be taxed in Andrea s hands, not Dave s, since Dave will not have made a contribution to the spousal RRSP in the year of the withdrawal (2007), or in the prior two years (2005 and 2006) The good news is that the funds inside the spousal RRSP were really tied up for just two years plus a day (December 31, 2004, to January 1, 2007) If Dave had made his last contribution to the spousal plan just one day later, in 2005, Andrea would have to wait a whole extra year before she could make withdrawals and avoid attribution of the income back to Dave As an aside, since Andrea will have no other income in the year 2007, she won t face any tax on the $8,000 withdrawal because this is less than her basic personal credit (which is $8,839 in 2006 and will be
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even higher in 2007)
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Contributing beyond Age 69
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A spousal RRSP is a great tool for making contributions to an RRSP even when you pass age 69 and have wound up your own RRSP You see, as long as your spouse is
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still 69 or under in the year, you ll be able to make a contribution to a spousal RRSP in the year, regardless of your own age Of course, you ll need to have RRSP contribution room available before making any contributions
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You should be aware that, after your death, your executor may be able to make a nal contribution to a spousal RRSP on your behalf if you have unused RRSP contribution room available at the time of your death See 9, Tip 101, for more Also, be aware that on October 31, 2006, the government proposed changes that will allow Canadians receiving eligible pension income, which includes RRSP withdrawals once you re 65 or older, to split that income with a spouse This could render spousal RRSPs unnecessary Time will tell See Tip 10s for more
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A spousal RRSP is a plan that you contribute to but your spouse or common-law partner makes withdrawals from You re entitled to a deduction and your spouse will be taxed on any withdrawals, which accomplishes a perfect splitting of income Watch out for attribution rules, which could tax some of the withdrawals in the hands of the contributor A spousal plan can be used to make RRSP contributions beyond age 69, and to reduce taxes upon your death through a contribution by the executor
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Withdrawing from Your RRSP
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You ve worked hard to put money aside in your RRSP At some point, those funds are going to be withdrawn from the plan Most commonly, you ll withdraw them once you ve decided to retire and you need a steady income from those investments But there may be times in life when you decide that you need to make RRSP withdrawals sooner
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