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How to use income splitting and a spousal RRSP during retirement
Certain strategies could help you increase your retirement income… without necessarily having to save more during your working life. How? Follow this guide.
February 27, 2023
Does the term “income splitting” mean anything to you? It’s a tax strategy that can allow a couple, under certain circumstances, to optimize their net income during retirement. There are two main ways of putting this strategy into effect: one that can be adopted upon your retirement, and one that works best when set up years in advance: the spousal registered retirement savings plan (spousal RRSP).
A five-point explanation.
The following sources were used to prepare this article.
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EY, “2022 Personal tax calculator , You will be redirected to an external website..”
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Les Affaires, “Un REER de conjoint aide les couples à économiser , You will be redirected to an external website.
MoneySense, “A guide to spousal RRSPs for married and common-law partners , You will be redirected to an external website.
Retire Happy, “The proper use of spousal RRSPs
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