# Spousal RSP and GIS question



## Selena (Jun 23, 2019)

Hello again,

I have another question for the forum.

I would like to withdraw* my Spousal RSP of** $ 8,000* in 2019.
Our total income for 2019 is $*24,000* ( *excluding two months of my husband's GIS and my allowances*).
My husband's income is $ *21,500* and my income is $ *2,500* in 2019. 
My husband will be 65 in October 2019, and I will be 65 in June 2020. We came to Canada in 1995, so we will have partial OAS.

My question is - if I cash my Spousal RSP will we retain government benefits ( GIS) in 2020.

Thank you very much for the help!
Selena


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## Dogger1953 (Dec 14, 2012)

Selena said:


> Hello again,
> 
> I have another question for the forum.
> 
> ...


Hi Selena - The answer as to if/how much GIS you would be entitled to depends somewhat on the source(s) of your income of $24,000. What is definite is that if you withdraw any amount of RRSP income, it will reduce your collective GIS entitlement. For example, if you withdraw the $8,000, each of your GIS entitlement will be reduced by approx. $167 per month, or approx. $2,000 for the year.


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## Selena (Jun 23, 2019)

Dogger1953 said:


> Hi Selena - The answer as to if/how much GIS you would be entitled to depends somewhat on the source(s) of your income of $24,000. What is definite is that if you withdraw any amount of RRSP income, it will reduce your collective GIS entitlement. For example, if you withdraw the $8,000, each of your GIS entitlement will be reduced by approx. $167 per month, or approx. $2,000 for the year.


Thank you for your help! 
Kind regards! 
Selena


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