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March 24, 2023
Question

Can I use My wifes RRSP Contribution against my own if she does not have enough contribution room?

  • March 24, 2023
  • 1 reply
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    1 reply

    March 25, 2023

    According to Canada Revenue Agency (CRA), you cannot transfer funds in your RRSP to a spousal or common-law partner RRSP. Contributing to your spouse's or common-law partner's RRSPs 

     

    RRSP contribution limits are attached to you, not to your RRSP accounts.

    • Your combined contributions to both your own RRSP and your spouse’s cannot exceed your annual contribution limit and still qualify for a deduction.
    • Any amount over the limit will not qualify for a deduction.

    For example: If you contribute $6,000 to your RRSP account and another $6,000 to your spouse’s RRSP account in a tax year where your contribution limit is $10,000, you can only claim an RRSP deduction for $10,000. The remaining $2,000 will not qualify for the RRSP deduction in the current year, but you may be able to carry that amount forward to a year when you don’t use all your RRSP contribution limit. Note that your spouse can contribute her annual maximum, so with the addition of your contribution, her RRSPs can grow over her personal contribution limit.

     

    If you need more information, please visit Spousal RRSP: Contribution & Withdrawal Rules 

     

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