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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.

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  • Have you seen the answers to this question? I'm not sure if they exactly answer your question, but the information might be relevant to your situation. This page might be helpful too.
    – John Bensin
    Aug 5, 2013 at 1:43

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Spousal contributions are just like normal contributions, except for who they go to. They are just as tax deductible and come out of your RRSP limit. If you have the necessary contribution room then yes, contributing $20K to your spouses RRSP will effectively lower your taxabable income by $20K, just as if you had contributed to your own RRSP.

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