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Save thousands with a spousal RRSP
Manage episode 461307986 series 2851814
Watch this episode on YouTube
In this episode, we explore the benefits and strategies behind using a spousal RRSP to optimize retirement savings, drawing from a real-life scenario with clients Curtis and Cynthia. The video outlines how high-income earners can contribute to a spousal RRSP under their partner's name and eventually convert it to a spousal RRIF, enabling tax-free withdrawals. We also discuss the spousal attribution rules, the significance of minimum withdrawals, and how to use these funds for TFSA contributions, ensuring the money remains tax-free.
Build your Retirement Roadmap With Evan
Financial Foundations Course - Save 25% with code PODCAST25
Full Financial Picture Spreadsheet
161 эпизодов
Manage episode 461307986 series 2851814
Watch this episode on YouTube
In this episode, we explore the benefits and strategies behind using a spousal RRSP to optimize retirement savings, drawing from a real-life scenario with clients Curtis and Cynthia. The video outlines how high-income earners can contribute to a spousal RRSP under their partner's name and eventually convert it to a spousal RRIF, enabling tax-free withdrawals. We also discuss the spousal attribution rules, the significance of minimum withdrawals, and how to use these funds for TFSA contributions, ensuring the money remains tax-free.
Build your Retirement Roadmap With Evan
Financial Foundations Course - Save 25% with code PODCAST25
Full Financial Picture Spreadsheet
161 эпизодов
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