Personal Finance

Spousal RRSP if contributor is retiring earlier than myself

  • Last Updated:
  • Jan 26th, 2023 12:05 am
[OP]
Sr. Member
Sep 1, 2011
519 posts
174 upvotes

Spousal RRSP if contributor is retiring earlier than myself

We have a spousal RRSP in which my husband is the contributor. He's planning to retire earlier (he'll be 55) than me so we will need to access that money. He will have a small work pension but no CPP or OAS until at least age 60. Regarding the three year attribution rule, should we contribute to it until he retires next year, therefore he will be taxed upon withdrawal and not me? Or should we not contribute to it (we didn't contribute to it last year)? Just trying to wrap my head around this. Thanks.
1 reply
Deal Expert
User avatar
Dec 12, 2009
25570 posts
15423 upvotes
Toronto
This is a hard question to answer with limited information. From a growth perspective, contributions made toward the end of the working career does not play much of a role. However, It does allow you to move some income from the working years into the retirement years. RRSP is a use it or lose it proposition. That said, a spousal contribution is not the only route if the attribution rule is a potential concern. Simply make a regular RRSP contribution instead of spousal.
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