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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

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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. http://www.cra-arc.gc.ca/hbp/
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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