I am a first time home buyer and am thinking of making use of the HBP (Home Buyer's Plan). Both me and my wife are currently employed and have RRSP accounts in financial institutions through our employers. I have $35000 in contribution limit whereas she has $9000. I was thinking of depositing $25000 into my RRSP account and $10000 into her RRSP account so that I can withdraw $25000 and she can withdraw $19000 under the HBP plan.
My question is can I deposit the $10000 into her RRSP account which she has with her employer or I have to open a separate RRSP account for this transaction and she would have to withdraw $9000 from her regular RRSP account and $10000 from her spousal RRSP account?