Personal Taxation Q 'n A

My spouse has RRSP room, can I contribute to a spousal RRSP?

The ability to contribute to a spousal RRSP is based on your individual RRSP contribution room, not your spouse’s room. When you make your contribution at your financial institution, be sure to specify that is going into a spousal RRSP. You must be aware that if your spouse withdraws funds out their spousal RRSP, you will be subject to the tax on that withdrawal if it is made within two years of your last contribution to his or her plan.