If I contribute to my spouse's RRSP, is every dollar of my contribution tax deductible?
I have a question about spousal RRSPs. I make a much higher wage than my wife and I'm considering contributing to her RRSP. Will every dollar I contribute to her be tax-deductible? If I contribute K, will that lower my income by K?
We plan to use our RRSP for the "first time home buyers plan" and want to maximize our tax returns in order to get our down payment faster.
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Spousal contributions are just like normal contributions, except for who they go to. They are just as tax deductible and come out of your RRSP limit. If you have the necessary contribution room then yes, contributing K to your spouses RRSP will effectively lower your taxabable income by K, just as if you had contributed to your own RRSP.
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