Can an individual RRSP be combined with a spousal RRSP?
Your Registered Retirement Savings Plan (RRSP) cannot be combined with a Spousal RRSP. Spousal RRSPs are designed for couples to split retirement income. A spousal RRSP is registered in the name of your spouse or common-law partner. They own the investments in the RRSP, but you can contribute to it. You get the tax deduction for any contributions made to a spousal RRSP but any contributions you make reduce your own RRSP deduction limit for the year. This won’t affect how much your spouse can contribute to their own RRSP.
Visit GetSmarterAboutMoney.ca to learn about making withdrawals from your RRSP before and after you retire. If you or your spouse have financial goals that you are trying to accomplish, we suggest you speak to a registered financial professional who can help you determine the best way to reach your goals based on your personal financial situation