Spousal RRSP Contributions and Attribution
Yes, I have a question about everybody's favorite topic spousal RRSP attribution.
I have searched the forum, and did quite a bot of research, but still cannot figure out the answer to my question.
Through work I contribute monthly to a spousal RRSP. My wife doesn't work, and we could use the funds, so it seems obvious to try and pull these out into her name.
I have read that you should wait three years to withdraw to avoid attribution, and that contributions come out on a FIFO basis. However is is unclear to me if the fact that I would still be contributing to her RRSP monthly in the year of contribution (i.e. I pull out 2008's total contribution of $1,000 in 2011, but still contribute $200/mo to the spousal RRSP) will cause the 2008 contribution to be attributed back to me, even though I waited three years.
Can anyone clarify for me? The RRSP contribution is a taxable benefit to me, so its not like I can stop contributing.
I have searched the forum, and did quite a bot of research, but still cannot figure out the answer to my question.
Through work I contribute monthly to a spousal RRSP. My wife doesn't work, and we could use the funds, so it seems obvious to try and pull these out into her name.
I have read that you should wait three years to withdraw to avoid attribution, and that contributions come out on a FIFO basis. However is is unclear to me if the fact that I would still be contributing to her RRSP monthly in the year of contribution (i.e. I pull out 2008's total contribution of $1,000 in 2011, but still contribute $200/mo to the spousal RRSP) will cause the 2008 contribution to be attributed back to me, even though I waited three years.
Can anyone clarify for me? The RRSP contribution is a taxable benefit to me, so its not like I can stop contributing.