RRSP time

Hmm.... One of them lazy days. So the only thing I can do is work! But before I go do... ugh... manual labour, let me post.

Dear Munnybagz,
Can you talk about spousal RRSPs during 2007 if both people have room to contribute. And how it impacts on the husband's taxes and if it impacts the wife's at all.
Anonymous

First off, any money you put into a company RRSP is untaxed. You don't need a spousal RRSP if you're both maxing your company RRSP contributions. But other than that, any contributions are good. If only one person is contributing, that will not end up as enough!
Remember, any money that you can save is good. It's better to be able to double your RRSP contributions than have a latte every day. I'm kind of going off track here, but it's good to stress the point that you should always contribute if you can. But it's always better to max your company RRSP contributions first.

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