Spousal RRSP
Spousal Registered Retirement Savings Plan, without interest.
A spousal RRSP lets the higher-earning partner claim the deduction while the account belongs to the lower-earning partner — so that in retirement the income is drawn at a lower rate.
Why it matters here. For single-income or unevenly-earning households, which are common, this is one of the few remaining ways to split retirement income legitimately.
How the Spousal RRSP works
Who deductsThe contributing spouse, against their own RRSP room
Who owns itThe annuitant spouse, who controls and eventually withdraws it
Attribution ruleWithdrawals within a set period after a contribution are taxed back to the contributor
RoomContributions use the contributor's room, not the annuitant's
Who it suits
Couples with a meaningful and lasting gap between their incomes.
What to be careful about
Mind the attribution period before withdrawing, and remember that the account legally belongs to your spouse.
Eligible for your Spousal RRSP. The Offering Memorandum confirms that, provided the Trust qualifies as a mutual fund trust under the Income Tax Act, Units are qualified investments for registered plans. How a registered subscription runs.
How a registered subscription actually runs
You send no money yourself
Your plan custodian transfers the funds once a transfer form is completed and the transfer from your existing institution settles. Nothing leaves your own bank account.
It takes weeks, not days
A custodian transfer is a multi-week process. Most registered subscriptions that fail do so because nobody said anything for a month — so we track yours and tell you where it has reached at each stage.
A holding limit applies
Units become a prohibited investment for a registered plan if your interest reaches 10% or more of the fair market value of all beneficiaries' interests. We warn you well before that point.
Your dealer still decides
Drake Financial Ltd., a registered exempt market dealer, reviews every file. This platform assembles it — it does not assess suitability and it never approves anything.
Related
Use your Spousal RRSP for this.
Four questions to see what applies to you. Nothing is submitted until you have read the documents and signed.
Or book fifteen minutes, or call 905 949 9119 and we will walk you through it.