What do to with a spousal RRSP at age 71 Jun 15th

There are plenty of retirement plan options in Canada! Stay on top of the best plans right here.
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Self-employed with no pension Aug 16th

The year 1975 was the high water mark for bell bottoms, soul music and workplace pensions. Back then, around half of Canadian workers had some sort of pension plan through their employers to save for retirement. These days, just under 40%. For the roughly 2.6 million Canadians who work for.... More »
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How to make sure you have enough money to fund your RRIF withdrawals + MORE Apr 18th

After decades of using registered retirement savings plans (RRSPs) to reduce taxable income, it can come as a shock to discover the shoe will one day be on the other foot. At the end of the year you turn 71, you have to either cash out your RRSP (not recommended), annuitize it or convert it into a R.... More »

30 and no pension: What are your options? Sep 6th

Alexandre Crupi has a lot of expenses. The 31-year-old investment specialist at Steadyhand Investment Funds, along with his fiancee, are paying for a September wedding. Then there’s the cost of their forthcoming honeymoon. They hope some day to buy a house. On top of all that, Crupi doesn’t curr.... More »
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News for investors: Nvidia smashes Q3 expectations as AI frenzy continues + MORE Nov 22nd

Here’s a round-up of news for Canadian investors this week. Nvidia Metro Questrade Featured RRSP Accounts featured EQ Bank Build your retirement savings with 1.50% interest, ta.... More »
 retirement planning

Stock news for investors: Spinoffs, acquisitions, and market moves Oct 3rd

Here’s a round-up of news for Canadian investors this week. Maple Leaf Foods TMX group MEG Energy Stella-Jones Algoma Steel Featured RRSP Accounts featured EQ Bank Build .... More »
Ask MoneySense
My question is in regards to a spousal RRSP that I have set up for my wife years ago. When she turns 71, do we have to turn it into something like a RRIF, which I did for my RRSP (I am older than her) and then withdraw from it annually? Or, could it be directly transferred to her TFSA?—John

Withdrawing from a spousal RRSP

A spousal registered retirement savings plan (RRSP) can be an effective retirement and tax planning tool. Like a personal RRSP, it allows you to defer income tax to a future year. But unlike a personal RRSP, the contributor to the plan and the annuitant—the owner—are different parties.

Your wife’s spousal RRSP is hers. While you received the income deductions for making contributions to the plan, she owns it and will generally be required to claim the spousal RRSP withdrawals as income.

What to do with a spousal RRSP at age 71

By the end of the year you turn 71, an RRSP annuitant is no longer allowed to own RRSPs—personal or otherwise, including spousal…

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