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January 31, 2024
Question

When claiming a spousal RRSP, I thought the contributor gets the tax deduction based on TD website. Turbo tax says no??

  • January 31, 2024
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    1 reply

    January 31, 2024

    As seen on the Canada Revenue Agency website: Contributing to your spouse's or common-law partner's RRSPs, if you contributed to a spousal RRSP you then take the deduction as seen in their example below.

     

    Example

    Your 2023 RRSP deduction limit is $10,000. You contributed $4,000 to your RRSP, and $6,000 to your common-law partner’s RRSP you chose to deduct the entire $4,000 of your personal RRSP contribution, but only $5,500 of the $6,000 contribution to your common-law partner's RRSP, for a total deduction of $9,500 on line 20800 of your 2023 income tax and benefit return. You used Schedule 7, RRSP, PRPP and SPP Contributions and Transfers, and HBP and LLP Activities, to keep track of his RRSP contributions. You may be able to deduct the remaining $500 ($10,000 – $9,500) on a future year’s income tax and benefit return. 

     

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