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When A Spousal RRSP Makes Sense

With RRSP season behind us and a new contribution year ahead, I took a look at our projected registered contributions for the year and noticed something that can potentially be out of alignment.

As everyone reading this should be aware, this is a blog about early retirement. As such, the goal is to have a comfortable nest egg built up and retire by the time wifey and I are 48.

For the years between 48 and 60. We plan to draw down our RRSP balances to $0. As such, we'd like to minimize the potential tax hits by withdrawing equal amounts each year to cover our expenses. Approximately, $14,000 each or $28,000 total.

However, after filing wifey's tax return, I noticed that she will have $0 in contribution room for 2018. Why is that? Well, last year, she was on maternity leave due to the birth of our first child. She received a top up throughout the year to supplement income from EI that generated RRSP room. However, EI income is exempt from the RRSP room calculations. As such, she…

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