# Spousal RRSP's from a Joint Account



## Stompie79 (Aug 21, 2009)

Hi All,

I'm curious if anyone has any experience of how to prove where the money comes for a spousal RRSP when using joint accounts and if I'm over thinking my situation.

My wife and I only have joint accounts. I bring in the majority of the income but my wife received some smaller adhoc income, UCCB, etc. I want to put some money in a spousal RRSP for her but am very aware that all of our income is going into the same chequing account. Is it likely CRA might have a problem with this as their is no way to prove the money being taken from the chequing account and put into a Spousal RRSP is mine rather then my wife's once it's all been pooled. At least that's how I think of it.

Thanks for your time.


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## none (Jan 15, 2013)

it's irrelevant where the money comes from.


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## AltaRed (Jun 8, 2009)

none said:


> it's irrelevant where the money comes from.


Technically it does (could) matter, but in practice it doesn't because clearly the OP has the most income and has the resources to make the contribution. Perfectly fine to do it from the joint account. Just make sure IF you are writing a cheque rather than an online transfer, that it is your signature on the cheque.


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## none (Jan 15, 2013)

No it doesn't. As far as I know you can't actually put money into someone elses account anyway.


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## AltaRed (Jun 8, 2009)

none said:


> No it doesn't. As far as I know you can't actually put money into someone elses account anyway.


Huh? I can (and have) deposited money from my account (via teller) into another person's bank account (did this a number of times). This is especially true for my spouse's spousal RRSP in which I am the named contributor.


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## OptsyEagle (Nov 29, 2009)

For the most part the contributor of the RRSP is usually named when the account is set up. If you want to be the contributor to your own RRSP, the financial institution will set it up as a personal RRSP. If you want to be the contributor to your spouse's RRSP, the FI will set it up as a spousal RRSP.

Once it is set up, whenever money goes into that RRSP, the FI will indicate that contributor's name on the tax receipt that they issue.

It will not matter if the money comes from a joint account.


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## mordko (Jan 23, 2016)

@Stompie - I have exactly the same situation. CRA hasn't come after me... at least not yet.


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## none (Jan 15, 2013)

AltaRed said:


> Huh? I can (and have) deposited money from my account (via teller) into another person's bank account (did this a number of times). This is especially true for my spouse's spousal RRSP in which I am the named contributor.


Yes - you own the account (but not the money in it after 3 years). We are talking about registered accounts here. You can't just dump cash into a random person's RRSP or TFSAs.


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## mordko (Jan 23, 2016)

none - is the amount of sense I can extract from your statements. Maybe it's just me.


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## none (Jan 15, 2013)

mordko said:


> none - is the amount of sense I can extract from your statements. Maybe it's just me.


I'm not surprised.


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## AltaRed (Jun 8, 2009)

none said:


> Yes - you own the account (but not the money in it after 3 years). We are talking about registered accounts here. You can't just dump cash into a random person's RRSP or TFSAs.


That wasn't the question. The OP's question was contribution to a spousal RRSP. 

But yes, I didn't qualify my other comment which was directed to non-registered accounts. Clear as mud.


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## Stompie79 (Aug 21, 2009)

Thanks all, it seems their is pretty good consensus on this.
I appreciate all your time.


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## Eclectic12 (Oct 20, 2010)

none said:


> Yes - you own the account (but not the money in it after 3 years)...


From what I've read, if I am contributor to my spouse's RRSP, as soon as the contribution is accepted - I no longer own the $$$ and can't withdraw it. It is my spouse who owns the RRSP as they are named on the contract (and control the withdrawals).

The three year rule is identifying who reports the RRSP owner's withdrawals on their tax return, not who owns it.


If it were yours for three years, why would CRA title the article "Contributing to * your spouse's* RRSP"?
http://www.cra-arc.gc.ca/tx/ndvdls/tpcs/rrsp-reer/cntrbtng/spsl-eng.html


Cheers


*PS*

Where I own the RRSP (i.e. am named annuitant), I can transfer funds between RRSP accounts. For the spousal RRSP, CRA says:


> Funds in an RRSP cannot be moved or transferred to an RRSP that does not have the same annuitant as the RRSP where the money is coming from. For example, you cannot transfer funds in your RRSP to a spousal or common-law partner RRSP.


In the withdrawal section, CRA also says:


> Generally, only the individual who is entitled to receive payments from the RRSP (the annuitant) can withdraw funds from an RRSP.


It seems CRA is saying the spouse owns the spousal RRSP.


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## none (Jan 15, 2013)

You're right - I muddle a few thoughts in that poorly articulated sentence.


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