Offering your employees an opportunity to contribute to an RRSP is a great way to help them plan for their future beyond their employment years.
Whether they contribute for themselves or a spouse, the Consolidated Credit Union offers a range of products to suit their needs, from variable rate CDR RRSPs to one to five year fixed rates.
Unlike a regular investment account, the contributions you make to your RRSP will not be taxed by the government until the funds are withdrawn down the road.
In the short term, you get a deduction on your next income tax return. Since 1993, “spouse” has been defined — for tax purposes, anyway — as married couples or common law partners who have lived together in a conjugal relationship for at least 12 months (ie. In 2000, equal tax benefits were extended to same-sex couples.
If you have unused room and earn significantly more money than your partner (or vice versa), a spousal RRSP can be an additional savings tool.
It benefits couples in three ways: by minimizing taxes both immediately and in retirement, by equalizing retirement income between partners, and by reducing your overall household tax bill in the long run. An individual RRSP is a tax-sheltered retirement fund.
You can do this by completing Investment Option Change section on the Investment Change Form available under Documents and sending the form to CUMIS or .inputting your transfer request through your CUMIS member website account.
When you make a transfer among funds, you are only affecting your current investments.