The more taxable income you have, the higher your tax bracket. You should, therefore, consider allocating future taxable income as evenly as possible between you and your spouse or common- law partner. This is commonly known as "income-splitting". You are entitled to put all or part of any allowable RSP contribution into an RSP in the name of your spouse or common-law partner.

RSP is a Retirement Savings Plan that is "registered" with Canada Customs and Revenue Agency (CCRA). It allows you to save money for your retirement on a tax-sheltered basis (you don't pay tax on the income your investments earn until you withdraw the money from your RSP). You can choose to invest your money in several different options including savings accounts, term investments and mutual funds. See similar questions...

The $650 yearly charge applies to employees whose spouses have coverage available elsewhere, but choose to enroll in a Lubrizol medical option and not in their own plan. It comes out to $25 per biweekly pay. No. You will not have to pay a surcharge if your spouse is enrolled in their own plan and enrolled in yours. Their plan will be the primary payor for their benefits. See similar questions...

RSP Loan from ING DIRECT is a secured loan for RSP investments offered to residents in all provinces of Canada. The funds from the RSP Loan can be invested into an ING DIRECT RSP Investment Savings Account, RSP GIC, or an RSP Mutual Fund (provided you live in a province where ING DIRECT Funds Limited offers Mutual Funds). Mutual funds are offered by ING DIRECT Funds Limited, a wholly-owned subsidiary of ING Bank of Canada. See similar questions...

If you pay Canadian taxes, and have earned income in Canada you may have a registered plan. Note that you can only have an RSP until the end of the year of your 69th birthday. See similar questions...

No. An RSP is simply a plan that allows you to defer taxes on investment income until (hopefully) a more favorable time in the future. There are single vendor RSPs, as well as self-directed ones. Many different types of investments can be held in an RSP, including stocks, bonds, mutual funds, and money market instruments. An RSP may also be held at a wide array of financial institutions such as banks, brokerages, and insurance companies. See similar questions...

The Spousal Impoverishment Law, sometimes called Division of Assets, changes the Medicaid eligibility requirement for couples in situations in which only one spouse needs nursing home care. It allows the spouse remaining at home to protect a portion of income and resources. The spouse needing care can receive Medicaid sooner and without the spouse at home being reduced to poverty. See similar questions...

The obligation of spouses to support each other does not necessarily terminate when they divorce. If the divorce will leave one spouse with very little income and the other with enough to contribute to the low-income spouse's support, the court will usually award alimony, at least temporarily. Although historically spousal maintenance was typically awarded to homemaker wives, to be paid by breadwinning husbands, that is no longer always the case. See similar questions...

If your RSP was registered as a spousal plan (i.e. your spouse contributed to the plan), the normal two-year attribution rule on the taxability of withdrawals applies to your TD Mutual Funds RIF as well, but only on amounts above the annual minimum payment amount. For example, assume your minimum withdrawal amount is $1,000 and you receive payment totaling $1,500. See similar questions...

This is a deposit, which is made into your spouse’s name, but the income deduction is taken in your name. Later when the funds are withdrawn the income will be taxed to you. Care must be taken as withdrawing the funds too early will cause attribution of the income back to the contributor. See similar questions...

However, in some circumstances spousal maintenance may be payable where one spouse is unable to meet his or her own needs and the other spouse has the capacity to assist. For example, a high income earner may have to pay spousal support to a former spouse who is unable to work because of a physical disability or where the former spouse is responsible for caring for young children. See similar questions...

You can withdraw from your RSP at any time (as long as the funds have been in the RSP account for more than 90 days). However, these funds will become part of your taxable income for that year, and they will be subject to a withholding tax, which can range as follows: See similar questions...

Although an RSP is more effective as a long-term investment, you may withdraw all or part of it at any time.* RSP withdrawals are subject to tax and the terms of the investment you choose. But the important part is that your money is available if you need it. Withholding taxes apply on funds withdrawn from an RSP except when funds are transferred from one RSP to another, or when funds are transferred to a retirement income option such as a Retirement Income Fund (RIF). See similar questions...

By law, your RSPs must be converted to a form of retirement income by the end of the calendar year in which you turn 69. The most popular choice for Canadians is to convert their RSPs to a Retirement Income Fund (RIF). With a RIF, your investments can continue to grow on a tax-deferred basis while you withdraw the income you need. See similar questions...

The value of your RSP is paid to the beneficiary you have designated. If you have not designated a beneficiary, it is paid to your estate. In certain cases, including if your beneficiary is your surviving spouse or common-law partner, your RSP may be transferred to them on a tax-deferred basis. You should consult your District Taxation Office or legal and tax advisors for more specific information. See similar questions...

Start your RSP now. Contribute as much as you can afford, as soon as you can. Even modest regular contributions can build over the years into a significant retirement nest egg. Canada Revenue Agency makes it easy to know how much you can contribute to your RSPs each year. For your current year's limit, simply refer to your Notice of Assessment. See similar questions...