My all-time favourite super-dooper couple is Mr. & Mrs. Incredible (aka Elastigirl).
In The Incredibles 2 where Mr. Incredible finds himself taking a backseat to his wife Elastigirl in a world where superheroes are illegal. While she is kicking villain’s butts and working on PR to legalize superheroes, Mr. Incredible chooses to stay at home and take care of the kids… Not only this is the HARDEST job in the world, this also means that her income exceeds his.
Yeepee…! This creates a planning opportunity – Spousal RRSP.
The main advantage of a Spousal RRSP is to allow the higher-income earner to contribute money and they get the tax benefit. And the lower-income spouse or partner can withdraw the RRSP funds at their income bracket (which is likely lower than their other spouse).
Find out how you you can utilize the Spousal RRSP click HERE for more information.
In particular, this helps you to understand the following:
- What is a Spousal RRSP?
- How much can you contribute to a spousal RRSP?
- What are the Benefits of Spousal RRSP?
- What to watch out – Be-careful of Income Attribution
Who says fantastical tax planning can't be heroic and kick-ass?