Does your spouse have access to a pension too?
If they don't you may want to look at a Spousal RRSP through the ATA Group RRSP. The reasoning is pretty simple -- generally speaking, if you have one half of a couple at retirement who has a high income (pension plus RRSP), and one who has a very low income (no pension, limited RRSP), you'll generally pay a lot more tax than two people with about the same level of income.
As part of the Alberta Teachers Association Group RRSP, the Spousal RRSP works like this:
- You (the teacher) pays into the Spousal RRSP -- you get the tax deduction
- Your spouse is the owner of the RRSP
- Your spouse takes it out at retirement rather than you taking it out on top of your pension, reducing your chances of bumping up into a higher tax bracket
Just like the ATA Group RRSP, the Spousal RRSP has access to the same incredible list of investment options, has no transaction fees, and can be deducted from your paycheque by your payroll department pre-tax. And yes, your spouse can still contribute to the plan on their own too!
Click here for a direct link to the Spousal RRSP application
Contact us today to find out how the Spousal RRSP for ATA members can help your family prepare for the future!
Registered Education Savings Plan (RESP)
How are you saving for your children's education (or your grandchildren's)?
ATA Registered Retirement Savings Plan (RRSP)
When you retire from teaching for your school board, will you have saved up enough for retirement to do the things you want to do?