Spousal RRSP: Balancing With Spouse's Personal RRSP

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asked Mar 16, 2015 02:04 PM by
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Is it worth the extra trouble of managing both an SRRSP and RRSP for my wife? She's a year older than me, but we're 30 and 31. I make 3x as much at our current rate, so I'm trying to even out how much we have in each of our accounts until we are even. We both get matching through our employers so we have to have those annoying accounts with GWL and Manulife. Each one gets a free transfer out per year.

So far I've opened a Questrade account and dumped the SRRSP provided by my employer, the amount my wife has accumulated in her rrsp is still currently small.

Hope we could get by managing only 2 accounts instead of 3.

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Just to clarify, are you asking whether you should close your GWL/Manulife accounts? Or are you asking whether you should close your wife's RRSP account?

Jin Choi ( Mar 17, 2015 08:02 AM )edit

To clarify, is it worth having both a spousal and regular RRSP for my wife at questrade where most of the money would be. GWL/Manulife must remain open for payroll contribution/employer match.

Flamey ( Mar 17, 2015 09:33 AM )edit

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answered Mar 17, 2015 08:43 PM by
Jin Won Choi gravatar image Administrator

Hi Flamey,

I think that in general, it makes sense to keep both RRSP and SRRSP. If your spouse's income ever increases by a lot, or if your income goes down, or if you plan on contributing more than the difference between you and your wife's salary, your wife's RRSP may come in more handy than the SRRSP. However, if you think the chances of any of that happening are slim to none, you could close your wife's RRSP account.

I hope that makes sense, Jin

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Asked: Mar 16, 2015 02:04 PM

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Last updated: Mar 17 '15

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