5 Reasons Why You Should Have a Spousal RRSP

/ Investments / Jun 25, 2023

You’ve probably heard about Registered Retirement Savings Plans, or RRSPs, and you might even know the benefits of investing in them.

But if you are married and have never thought about creating one with your spouse, it may be time to reconsider. A spousal RRSP can be useful because it allows you to pool your assets with your spouse’s, maximizing your investments and giving you more money to work with when it comes to your retirement.

  1. Two incomes are better than one

If you and your spouse both work, you can each contribute to a spousal RRSP. This can be a great way to boost your retirement savings, since you’ll be able to take advantage of both of your incomes. Plus, if one spouse earns more than the other, they can get a tax deduction for contributing to their partner’s account.

  1. Compound interest is powerful

When it comes to saving for retirement, compound interest is powerful. By starting to save early on in your career, you can take advantage of compounding and really grow your nest egg.

Plus, if you have a spousal RRSP, you can take advantage of the fact that each of you can contribute to the account and grow your money even faster.

  1. You’re supporting your partner

A spousal RRSP is a retirement savings account that you open and contribute to on behalf of your spouse or common-law partner. It can be a great way to support your partner in their retirement planning, especially if they earn less than you or are not currently working.

  1. Family budgeting will be easier with two incomes

When you have a spousal RRSP, family budgeting becomes easier because you have two incomes to work with. Having a spousal RRSP gives you more financial flexibility in retirement. If one spouse dies, the other spouse can still access the funds in the account.

  1. It can save tax dollars

When you have a spousal RRSP, you can deduct the contributions from your taxes. This is especially beneficial if you are in a higher tax bracket than your spouse. Additionally, the money in the account grows tax-free until it is withdrawn.


A spousal RRSP is a great way to save for retirement while taking advantage of tax breaks and government incentives. Let’s talk about the benefits of a spousal RRSP! Talk to our advisors today.

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