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September 4, 2013
9:48 am
daisy
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August 29, 2013
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Here is another spousal RRSP question. Since I have no income, is there any benefit to my opening an RRSP for my husband with some money I just inherited (about 120 thou)? I've already opened a TFSA, and still have to do something with the rest of the money. Any advice would be greatly appreciated.

September 4, 2013
2:27 pm
James
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Hi Daisy,

As you probably know, there is no inheritance tax in Canada. Contributing to your husband's RRSP (spousal RRSP) will reduce his taxable income and in effect transfers the funds to him. You are still bound by the RRSP contribution limit. My decision about whether to do this would depend on his current income, when you plan to retire, age, when you need the money etc.

Remember you can also contribute to your husband's TFSA too if you haven't done so already.

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