I have a question about spousal RRSPs. I make a much higher wage than my wife and I'm considering contributing to her RRSP. Will every dollar I contribute to her be tax-deductible? If I contribute $20K, will that lower my income by $20K?
We plan to use our RRSP for the "first time home buyers plan" and want to maximize our tax returns in order to get our down payment faster.