Episode 32: Spousal RRSP Withdrawals and How They Work

Many couples who have a significant difference in income levels, whether married or common-law, seek strategies to help bridge that gap and save on taxes.

The spousal Registered Retirement Savings Plan (RRSP) is a flexible savings option that allows one spouse to share retirement income with their spouse and offers some additional tax savings for the higher income earner.

The main strategy when it comes to Spousal RRSPs is to carefully consider the timing of your contributions and withdrawals to avoid paying unnecessary penalties or increased taxes, which we discuss in detail in this episode.

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Regan Schiller holds his Certified Financial Planner, Registered Retirement Consultant and Certified Life Underwriter designations. He is an Executive Financial Consultant licensed under Investors Group Securities Inc.

Mutual funds and investment products and services are offered through Investors Group Financial Services Inc. (in Québec, a Financial Services firm). Additional investment products and brokerage services are offered through Investors Group Securities Inc. (in Québec, a firm in Financial Planning). Investors Group Securities Inc. is a member of the Canadian Investor Protection Fund. Commissions, fees and expenses may be associated with mutual fund investments. Read the prospectus before investing. Mutual funds are not guaranteed, values change frequently, and past performance may not be repeated.

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