TORONTO – Canadian couples with significantly different incomes may want to consider using a spousal RRSP to help cut their tax bill in retirement, but experts say it’s all about balance.
“It’s not something like: ‘What, you’re married? You should get a spousal RRSP,”‘ said Victor Godinho, an adviser with VTAG Financial Group Inc.
“It’s a real analytical process. (Spousal RRSPs) really make a difference at the withdrawal stage so you want to see, how do they (the couple) plan on living out their lifestyle in retirement? What’s the cost benefit?”