Yes.  But not the one that I was cashing in?  I co...

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
EnglishEN

Pick a language

Français English
cancel
Showing results for 
Search instead for 
Did you mean: 
Highlighted
New Member

My wife cashed in an RRSP. It was likely set up as a spousal RRSP 15 years ago. The T4RSP was loaded from CRA, however the income was allocated to me? How come?

 
3 Replies
Highlighted
Moderator

My wife cashed in an RRSP. It was likely set up as a spousal RRSP 15 years ago. The T4RSP was loaded from CRA, however the income was allocated to me? How come?

Have you contributed to a Spousal RRSP within the last three years?
New Member

My wife cashed in an RRSP. It was likely set up as a spousal RRSP 15 years ago. The T4RSP was loaded from CRA, however the income was allocated to me? How come?

Yes.  But not the one that I was cashing in?  I contributed quite a bit to one last year.  She also cashed one in.
Highlighted
Moderator

My wife cashed in an RRSP. It was likely set up as a spousal RRSP 15 years ago. The T4RSP was loaded from CRA, however the income was allocated to me? How come?

When you withdraw funds from a "Spousal RRSP" if you have contributed to ANY spousal RRSP within the last three years, the funds withdrawn are reported on the Contributor's (you) tax return, and any tax withheld is reported on the Annuitant's (your wife). 

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/making-w...

v