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My wife and I were married in March 2010. She has over $30,000 in unused RRSP contributions. I'm in the top income bracket. Can I achieve more tax savings by contributing the maximum amount including the $30k in unused contributions to a spousal RRSP to take advantage of the difference in tax rates?
Congratulations on your marriage. Your RRSP deduction limit is your own and cannot be transferred to a spouse meaning only your wife can use her $30,000. When you contribute to your personal RRSP or to a spousal RRSP, your personal deduction limit is affected.
Even if you give your wife the $30K to contribute to her personal RRSP, she is the only one that can claim the tax deduction.
