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flash_os

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  1. Found another great explanation (from Questrade) for Spousal RRSP: A spousal RRSP is an investment account that allows you to help save for your spouse or common-law partner’s retirement. Plus, it comes with a few extra perks regarding tax breaks and withdrawals. How does it work? Spousal RRSPs are ideal for couples who want to invest in a nest egg together, and are ripe with tax-related benefits for both partners. Contributions to the account are tax-deductible, which is beneficial for the higher-earning spouse. Meanwhile,
  2. Thank you. So In order to use my RRSP contribution room I will need to open another SRRSP with my name as Contributor and my wife as Annuitant, right?
  3. Thanks. In this case: I'm Annuitant and Contributor is my wife. So on uFile report I will need to report on my wife's (as she Contributor) tax return file, correct? But we contributed together to that SRRSP from our joint account. So I need to add my name to Contributor list as well, so there will be 2 names as Contributors? Or is above not relevant since uFile will choose allocation according to higher tax bracket?
  4. Then what should I fill in the following fields of T776 form 50% or 100% (and UFile will split later on 50/50)?
  5. Thank you for such detailed answer. In my case most suitable is: Generate rental income statement for spouse option. So I need to fill 50% since me and my wife own it 50/50, correct? And no T776 on my spouse page, right?
  6. I declared Partnership share (50/50) [on T776 Partner Details] me&wife. When I declare on mine Rental gross and Rental Expenses, Do I need to declare half of it? And when my wife turn to declare will be, she will declare on another her half, Correct?
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