A Spousal RRSP is legally owned by the receiving spouse, while the contributing spouse claims the tax deduction

The ownership structure of a Spousal RRSP is specifically designed to benefit both partners while following Canadian tax regulations. The spouse named as the annuitant (receiving spouse) maintains full legal ownership and control of the account, despite not making the contributions themselves.

• The contributing spouse receives the tax deduction for contributions made
• The receiving spouse has full control over investment decisions and withdrawals
• Withdrawals within 3 years of contribution are attributed back to the contributing spouse
• In case of marriage breakdown, the Spousal RRSP remains with the receiving spouse