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In a spousal RRSP, the plan is registered in your spouse’s name and belongs to them. You are able to make contributions, but only the plan holder – the person in whose name the plan is registered to – can take money out of a spousal RRSP. You can keep contributing to a spousal RRSP until the end of the year in which your spouse turns 71, as long as you have contribution room available. Any withdrawals are taxed to the plan holder unless a contribution was made by a spouse or common-law partner in the two preceding years in which case the withdrawal must be reported as income by the contributor and will be taxed accordingly. An RRSP can be closed when all withdrawals have exhausted the account.

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