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Planning Your Retirement
For you and your spouse, retirement
will probably be a time for partaking in your shared interests. To do
so, take advantage of all the possibilities available to you.
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Take advantage of a spousal RRSP
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Under the spousal RRSP, either of the spouses
can contribute amounts on behalf of the other. The contributing spouse
may deduct the contribution from his or her income. However, the payments
will eventually be withdrawn by the spouse on whose behalf the spousal
RRSP was established.
If your spouse does not have any income from
employment or if your spouse’s income is lower than yours, your
contribution may result in a more advantageous tax deduction. When the
funds are withdrawn, income tax will be deducted from your spouse’s
income, but since that income will be lower than yours, the taxation rate
will be lower, too.
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Make your spouse the beneficiary of your group
retirement plan
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If you are a member of a group retirement plan,
consider making your spouse your beneficiary. See your plan administrator
to have the necessary changes made to your contract.
Plan
Your Retirement today.
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