Investing

Spousal RRSP advice

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  • Apr 6th, 2021 4:54 pm
Newbie
Jul 23, 2011
55 posts
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Ottawa

Spousal RRSP advice

I want to open a Spousal RRSP as my spouse is stay at home mom with zero income. Is it good to go with RBC, HSBC or any other good alternative. I want to contribute for next 10 years. Thanks
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I went with Questrade, it have free ETF buying.
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Dec 12, 2009
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OP, do you have existing investment accounts already? It might be useful to go with the devil that you know. At the end of the day, it is what you invest in that matters way more than the investment platform.
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Regardless of the reason or type of account, you need to choose the place to open it based on how you want to manage the money.

Sask Pension that is in my signature is great in two ways. The account is a single account where you can make your own contributions or spousal. This allows her the option to make her own contributions in the future if you anticipate her going to work later. Only drawback is the locked in feature, and the lack of investment options.
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Apr 16, 2020
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xgbsSS wrote: Regardless of the reason or type of account, you need to choose the place to open it based on how you want to manage the money.

Sask Pension that is in my signature is great in two ways. The account is a single account where you can make your own contributions or spousal. This allows her the option to make her own contributions in the future if you anticipate her going to work later. Only drawback is the locked in feature, and the lack of investment options.
Fairly material drawbacks.
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maketherightmove wrote: Fairly material drawbacks.
depends exactly on what the OP is looking for The problem here is all we know is he wants to open a spousal rrsp. That means anything and everything can count.

Sask Pension us fairly good despite these drawbacks. Low management fee, no minimums and you can deposit with credit card.
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Jul 23, 2011
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Ottawa
Thanks for the great advice, I have my relationship with RBC, checking, saving, TFSA and RDSP. But I don’t like to pay huge amount of fee and I have no experience in investing myself. I took a retirement planning course and there I came to know about low fee RRSP. Any insight about low fee RRSP with RBC and where to start. Thanks
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EDU1999 wrote: Thanks for the great advice, I have my relationship with RBC, checking, saving, TFSA and RDSP. But I don’t like to pay huge amount of fee and I have no experience in investing myself. I took a retirement planning course and there I came to know about low fee RRSP. Any insight about low fee RRSP with RBC and where to start. Thanks
You're not really going to achieve that with RBC. What exactly are you getting from the relationship from RBC by adding a spousal RRSP? Likely nothing much.

If you are insistent with RBC, you can utilize RBC Investease which is their OK roboadvisor. You can also utilize RBC Direct Investing. You can buy Series D mutual funds which are a bit better than normal or bite the cost of buying stocks and ETFs at $9.99 per purchase and sell. Much cheaper options than RBC so not very competitive options.
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Apr 21, 2004
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We have RBC Direct Investing Spousal RRSP's.

It's a good way to balance or adjust the investments going into each Spousal RRSP.

Especially for some households where one has a DB pension, it makes sense to build up the significant other's Spousal RRSP, of course this is depending on how well you know your S.O. or he/she might get a divorce down the road and you will be SOL.

We are DIY but if you don't trade, then there's no fee to contribute.
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alanbrenton wrote: We have RBC Direct Investing Spousal RRSP's.

It's a good way to balance or adjust the investments going into each Spousal RRSP.

Especially for some households where one has a DB pension, it makes sense to build up the significant other's Spousal RRSP, of course this is depending on how well you know your S.O. or he/she might get a divorce down the road and you will be SOL.

We are DIY but if you don't trade, then there's no fee to contribute.
Have you ever priced a divorce? It does not matter whose name the RRSP funds are held in. It all gets split down the middle. Happy wife, happy life, right?

BTW, monthly payments from a DB pension is splittable income for taxation purposes regardless of age. RRSP/RRIF withdrawals are splittable when the annuitant reaching age 65.
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will888 wrote: Have you ever priced a divorce? It does not matter whose name the RRSP funds are held in. It all gets split down the middle. Happy wife, happy life, right?

BTW, monthly payments from a DB pension is splittable income for taxation purposes regardless of age. RRSP/RRIF withdrawals are splittable when the annuitant reaching age 65.
Wow, good advice lol. What about the matrimonial home? My tax prof mentioned in Ontario, it always goes to the wife.

Really surprised if it's still the case with all the LBGTXYZ movements.
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will888 wrote: Have you ever priced a divorce? It does not matter whose name the RRSP funds are held in. It all gets split down the middle. Happy wife, happy life, right?

BTW, monthly payments from a DB pension is splittable income for taxation purposes regardless of age. RRSP/RRIF withdrawals are splittable when the annuitant reaching age 65.
From your pic,I thought you were much younger hhaa. But after your decumulation thread, you must be slightly older than I am.

Or that you are a long term planner in your 20's.
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alanbrenton wrote: From your pic,I thought you were much younger hhaa. But after your decumulation thread, you must be slightly older than I am.

Or that you are a long term planner in your 20's.
It is never good to die or get sick on the job. Smiling Face With Open Mouth And Smiling Eyes
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will888 wrote: It is never good to die or get sick on the job. Smiling Face With Open Mouth And Smiling Eyes
75% LTD until 65 would be almost heaven for those afflicted with some ailment.
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alanbrenton wrote: 75% LTD until 65 would be almost heaven for those afflicted with some ailment.
Good luck with getting LTD. You know the reason why insurance companies offer generous dividends? It is because they are not generous with paying out on claims. As a shareholder, I fully endorse the practice.
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will888 wrote: Good luck with getting LTD. You know the reason why insurance companies offer generous dividends? It is because they are not generous with paying out on claims. As a shareholder, I fully endorse the practice.
I know two friends on LTD. This is not China where human rights don't prevail.

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