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ARTICLE · 15 FEBRUARY 2021

The TaxLetter: Take Full Advantage - Planning For Your RRSPs

Minden Gross LLP
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So, January 2021 has really started out with a bang (and not necessarily the good kind). "Doomscrolling" is a new word I've encountered and I have found that it is very relevant for me these days.

CanadaTax
Samantha Prasad
Samantha Prasad
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So, January 2021 has really started out with a bang (and not necessarily the good kind). "Doomscrolling" is a new word I've encountered and I have found that it is very relevant for me these days. Between the new lockdown measures in light of Covid and the unreal happenings south of the border, I'm not sure if I'm looking forward to this new year. So, thinking about RRSP planning is likely at the bottom of your list. However, I suggest that spending some time reading about how to make the most of your RRPS contributions might be just what the doctor ordered (at least to provide some semblance of normalcy in these days).

Tip #1- Take full advantage of spousal RRSPs A spousal RRSP is simply an RRSP where you make the contributions, but the plan is in your spouse's name - i.e., owned by your spouse. It's a relatively straightforward way to split income. When you contribute to an RRSP in your spouse's name, you receive a personal tax deduction. But since the RRSP

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