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| Spousal RRSP withdrawal http://www.hawthornevillager.com/phpbb/viewtopic.php?f=3&t=5489 |
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| Author: | Ian and Franca [ Sat Jan 27, 2007 8:28 pm ] |
| Post subject: | Spousal RRSP withdrawal |
Just curious to know if anyone can answer: I have already withdrawn 20,000 from my personal RRSP as a downpayment to our house. I also contribute to a spousal RRSP on behalf of my wife and we were planning to withdraw from her RRSP an amount sufficient to cover the closing costs, but I am not sure if my wife can withdraw from the spousal because my name is on it, and I have reached the maximum. Any comments appreciated. |
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| Author: | The Home Hunter [ Sun Jan 28, 2007 9:13 am ] |
| Post subject: | Beware of attrition rules |
Get some good advice from whomever administers your spousal RSP. There are rules that stipulate how long the money must be in the spousal RSP without being attributed to the contributor on withdrawal (generally not before Jan 1 of the third calendar year after the contribution.) Cheers, Hunter |
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