Contributing RRSP to spouse

Forum|Forum|3 years ago
May 2, 2023
2 replies
6 views

Could some one please explain how does can one contribute RRSP to spouse? Where do I enter the detail for both spouses in RRSP form? Thanks very much

ProFile (Canada)

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J

janisbossenberry

Level 7

You have to have made the RRSP contribution to a spousal plan in the first place. If you have done that, then the RRSP receipt will show that it was a contribution to a spousal plan and you enter it on the RRSP deduction form of the taxpayer, under the column "Contributions made to Spousal RRSPs".

H

HB_8888Author

Level 4

Thanks very much Janis!

9130347028092726

Level 3

Sooooooo the husband has no RRSP room (he has $20,000 which he contributes) but the wife has lots of room. The husband owes big money and the wife is getting a refund.

We want to do a spousal RRSP of $40,000 to benefit the husband who owes money

The husband pays for it in her name as a spousal RRSP. ..Correct.

I put it on her return in RRSP contributions as a spousal and it just increases her refund ???

I put it on his return in RRSP contributions as a spousal and it just just carries over to next year.

I have been on the phone now with support for the last 30 minutes so far with no resolution

please could someone help, many thanks

J

janisbossenberry

Level 7

The contributor (the husband) is the one that has to record the contribution if he has made the contribution. He records it as a spousal contribution. However, he cannot deduct it as he has no room. There is no way to get a RRSP deduction if an individual has no RRSP room.

If the spouse makes the contribution, she records the deduction, whether it is a spousal or one for her own plan.

H

HB_8888Author

Level 4

Hi Janis,

Do you know how to advice client who have lots of RRSP room but wants to know how much RRSP he needs to purchase to avoid paying taxes on the return or when they receive a lump sum payments? Is there a way to calculate RRSP amount to avoid paying taxes?

Thank you.

HB

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