Question about contributing to your spouse's RRSP
Hey guys,
I was doing my friend's taxes and I realized he owes close to 3k since he did not pay any taxes on his part time work. He is planning to put enough money to bring the amount down to $0. Before I ask my questions you prob need to know that he earns close to 130k and his wife earns around 80k. So here are my questions:
1) can he put money in his wife's RRSP instead of his? if he does that, can he still declare it under his name?
2) since he earns more money than her and assuming things stay this way in the future, I'm assuming he can save on tax since his wife can take that money out and pay much less tax (since she earns less). does this make sense?
I basically need some advice to maximize his return.
I was doing my friend's taxes and I realized he owes close to 3k since he did not pay any taxes on his part time work. He is planning to put enough money to bring the amount down to $0. Before I ask my questions you prob need to know that he earns close to 130k and his wife earns around 80k. So here are my questions:
1) can he put money in his wife's RRSP instead of his? if he does that, can he still declare it under his name?
2) since he earns more money than her and assuming things stay this way in the future, I'm assuming he can save on tax since his wife can take that money out and pay much less tax (since she earns less). does this make sense?
I basically need some advice to maximize his return.