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
Apr 5th, 2021 2:15 pm
Apr 5th, 2021 2:18 pm
Apr 5th, 2021 2:57 pm
Apr 5th, 2021 5:06 pm
Apr 5th, 2021 6:06 pm
Fairly material drawbacks.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.
Apr 5th, 2021 6:33 pm
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.maketherightmove wrote: ↑ Fairly material drawbacks.
Apr 5th, 2021 9:42 pm
Apr 5th, 2021 10:40 pm
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.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
Apr 6th, 2021 4:22 pm
Apr 6th, 2021 4:41 pm
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?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.
Apr 6th, 2021 4:43 pm
Wow, good advice lol. What about the matrimonial home? My tax prof mentioned in Ontario, it always goes to the wife.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.
Apr 6th, 2021 4:45 pm
From your pic,I thought you were much younger hhaa. But after your decumulation thread, you must be slightly older than I am.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.
Apr 6th, 2021 4:46 pm
It is never good to die or get sick on the job.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.
Apr 6th, 2021 4:48 pm
Apr 6th, 2021 4:52 pm
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.alanbrenton wrote: ↑ 75% LTD until 65 would be almost heaven for those afflicted with some ailment.
Apr 6th, 2021 4:54 pm
I know two friends on LTD. This is not China where human rights don't prevail.
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