Quote:

---

Originally posted by sudesingh

RRSP accounts are on individual names, so you and your spouse will have to open separate accounts. Each individual will have their own RRSP limit.

In your case you have a limit of $50K while your spouse has a limit of $25K. Let's consider the situation where the wife is not working and does not have a limit at all. So all the contribution is under your name while the wife is taking care of the kids and does not have an opportunity to work, or works only part-time and as a smaller contribution limit.

How about being a bit (probably more than a bit) generous and open a spousal account. The spousal account is held in your wife's name, which means she has exclusive access to the funds, but you are the contributor, which means all deposits that you make will go towards your contribution limit BUT you don't have any access to the funds. Only your wife can operate that account. The only advantage you have is that in your current year tax returns you get the benefit of the RRSP contribution. The other soft advantage is both of you could land up a equal or almost equal amount in your respective RRSP accounts, which may be beneficial from a taxation perspective post-retirement when you start withdrawing.

Hope that helps...

---

-----------------------------------------------------------------
MK