RRSPs must be held individually, but spousal RRSPs allow contributions to benefit your partner

Registered Retirement Savings Plans (RRSPs) are strictly individual accounts under Canadian tax law. However, there are strategic options for couples planning retirement together. The most common approach is a spousal RRSP, which allows one spouse to contribute to their partner’s RRSP while receiving the tax deduction.

• Each person must maintain their own separate RRSP account
• Spousal RRSPs enable tax-efficient income splitting in retirement
• The contributing spouse claims the tax deduction
• The account holder spouse owns and controls the investments