Example of how much income to report on each spouse's return
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Example of how much income to report on each spouse's return
Example
In May 2014, Joshua started contributing to his wife Keri's RRSPs. He contributed the following amounts to her RRSPs:
| Year | Amount |
|---|---|
| 2014 | $2,000 |
| 2015 | $2,000 |
| 2016 | $1,000 |
Joshua had contributed a total of $5,000 to Keri's RRSPs.
In 2016, Keri withdrew $4,000 from her spousal or common-law RRSPs. Before 2016, she had not withdrawn any amounts from her spouse or common-law partner RRSPs.
Keri determines that Joshua has to include $4,000 in his income on line 129 of his 2016 income tax and benefit return, since the amount Joshua has to include as income is the lesser of:
- the amounts Joshua contributed to all spousal or common-law RRSPs for his wife in 2014, 2015, and 2016 ($5,000); and
- the amount Keri withdrew from her spousal or common-law RRSPs in 2016 ($4,000).
Keri does not include any amount in her income for this withdrawal.
- Date modified:
- 2016-11-16