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Can I use a portion of the contribution I made to a spousal RRSP, towards repayment of my personal LLP?
I over-contributed to my wife's spousal RRSP, assuming I could designate the overage amount to repay the 2017 amount owing on my personal LLP balance. However, I get an error in the return review, and the over-contribution is showing as a carry-forward RRSP contribution, rather than a repayment against the LLP. Did I make a mistake here? Thank you
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Seniors and students
When you purchase an rrsp you are eligible for the deduction claim based on your rrsp deduction room. Since you purchased a spousal rrsp you receive the deduction and your spouse owns the plan, therefore you cannot designate her rrsp to repay your LLP. I am not fully understanding how you over contributed to your wife's spousal as it is based on your rrsp deduction room when purchasing a spousal rrsp. If you over contributed over your limit then you will have a carryforward deduction for next year. Again the plan is owned by your spouse so you cannot designate any amounts to your LLP,