Spousal RRSPs still a valuable tax tool, say experts
CTV.ca News, Parminder Parmar
In 2007, Ottawa introduced new rules that allow couples over the age of 65 to split some of their income for tax purposes. It’s a move that could help lower a senior couple’s overall tax payments.
But RRSP experts say the new “income splitting” legislation isn’t the only way — or may not be even the best way — for married or common-law couples to share and lower their tax burden for maximum benefit during retirement.