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Level 1

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

1 Reply
Level 1

Can I use a portion of the contribution I made to a spousal RRSP, towards repayment of my personal LLP?

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,