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Transfer Spousal RSP to Personal RSP?
January 27, 2024
9:22 am
lifeonanisland
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This morning, I was able to create my RSP savings account at Oaken. I have some RSP GICs maturing soon that I wish to transfer to my new account. The GICs are in spousal RSPs, of which I am the annuitant. Will there be any issues requesting a transfer at maturity from the spousal RSP to my personal RSP? Seems to be common practice (subject to the three year spousal contribution rule, which is not at play here). Just wondering if anyone can share light on this. Thanks in advance.

January 27, 2024
9:46 am
phrank
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This is a good read to tell you how it works:

https://www.taxtips.ca/rrsp/combine-spousal-rrsp-with-non-spousal-rrsp.htm

Basically you can transfer to from a spousal to a personal, but then the contract becomes spousal. I wanted to do what you describe as well after the 3 years, but you apparently cannot get rid of the spousal designation, but you can merge.

January 27, 2024
10:13 am
lifeonanisland
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phrank said
This is a good read to tell you how it works:

https://www.taxtips.ca/rrsp/combine-spousal-rrsp-with-non-spousal-rrsp.htm

Basically you can transfer to from a spousal to a personal, but then the contract becomes spousal. I wanted to do what you describe as well after the 3 years, but you apparently cannot get rid of the spousal designation, but you can merge.  

Thanks, Phrank. I read that as well, and came to the same conclusion...the merged account gets changed to spousal. That's fine with me, not that I have a choice. But it leads me to wonder if I need to actually call Oaken to arrange this; the process isn't clear.

January 27, 2024
12:25 pm
phrank
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You're welcome. I would call them, because I have learned from personal experience that it doesn't matter if the fault is with the business or with your employer, the CRA will hold you personally accountable even if you have everything you could possibly do. So make sure you have all your documentation etc in line on something like this.

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