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My spouse and I plan to eventually use the Home Buyers' Plan when purchasing our first home.

If we combine our RRSP's then we can take out $25,000 each to use as a down payment on our first home.

I have more in my RRSP than my spouse does and will reach $25,000 before she does.

Am I able to contribute to her RRSP to get her up to the $25,000 mark so we can use the maximum of $50,000 sooner?

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@DJClayworth mentioned the spousal RRSP, and that's a good option if you are the one with available contribution room and/or you want the tax deduction in your name. But, a spousal RRSP account needs to be separately established. That is, you can't contribute to your spouse's existing regular RRSP account while at the same time using your contribution room and you getting the deduction.

The other option not requiring a new account:

If your spouse has sufficient contribution room of her own, and you yourself don't need the tax deduction on your income tax return, there's another approach: Gift your spouse the money to contribute to her own RRSP. This would require your spouse to have available RRSP contribution room of her own, and your spouse will receive the tax deduction, not you.

(Again, bear in mind that for the HBP, funds need to be in the RRSP for at least 90 days.)

  • Is it possible to gift my spouse the money if it is a registered account? I doubt it is but thought I'd double check. – wkm Jul 11 '12 at 2:47
  • I don't believe Chris means for you to gift money that is already in your RRSP, but to gift money that you might otherwise put into your RRSP, so that she can put it in her RRSP. – DJClayworth Jan 15 '14 at 3:00
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You can contribute to an RRSP for your spouse. It's called a spousal RRSP. The government has a web page about spousal RRSPs. The amount you contribute is limited by your RRSP limit, as opposed to your spouse's RRSP limit.

Note also that for the Home Buyer's Plan, funds need to be in the RRSP for at least 90 days.

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