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Spousal RRSP's

Is it a good idea to take my wife's RRSP to pay down my mortgage? How can I do that in a way to minimum my tax? I am making about 120k and my wife doesn't work

By Anonymous user

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2015/06/20 08:50:27 Jared Yochim You should not withdraw from an RRSP to pay down a mortgage as there are tax consequences. It would be a better idea to find a way to pay your mortgage and only use the RRSP if you have no other options. Since there is such a disparity in your pay you can apply for the income splitting tax credit. Ask your tax preparer about how it works. Will save you around $2000 in taxes. Have a great weekend.
2015/06/11 18:51:36 Daniel Miller Hello,

I will assume in this case that your wife is not in retirement as yet and therefore not drawing on her RRSP. I will also assume in this example your home has already been purchased. I suggest you review the following link to the government site for better clarity on how the first time home buyers plan works.
As you will find if you already bought the home then you cannot use an RRSP to make a payment. Please feel free to contact me directly.
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