English
Back
Download
Log in to access Online Inquiry
Back to the Top
TFSA refresh: How to maximize your TFSA benefit in 2025？
Views 448K Contents 80
avatar
Moomoo CA joined discussion · Jan 7 18:32

Retirement for two: Spousal RRSP is now available on moomoo

Hello mooers:

Since the launch of the registered account in early 2024, moomoo has been flooded with requests for the Spousal RRSP (SRRSP) account.
Breaking News: moomoo Answers Your Call!
As tax season looms on the horizon and the demand for tax-deferral strategies skyrockets, we've got exciting news for you! Starting January 6, 2025, moomoo is thrilled to announce the launch of the SRRSP account!
Retirement for two: Spousal RRSP is now available on moomoo
Why SRRSP?
We have a progressive tax system in Canada. That means tax rates go up as personal income increases.

Federal taxes on any income you earn in 2025. For instance, in 2025, your first $57,375 gets a gentle 15% federal tax. But earn over $253,414? Brace yourself for a whopping 33% marginal rate! And when you add provincial taxes, you could be looking at a jaw-dropping 50%+ rate!
When there's a significant income disparity between spouses, the combined tax burden could be higher than for couples with the same total household income but more evenly distributed earnings. Ouch!
Enter the SRRSP (Spousal Registered Retirement Savings Plan), this magical account works twofold, both presently and in the future：

Firstly, it allows the higher-earning spouse to reduce their taxable income in the contribution year, similar to regular RRSP contributions.
Secondly, it helps balance the couple's retirement income, potentially placing both partners in comparable tax brackets. This strategy aims to equalize tax payments and potentially lower the couple's overall tax liability in retirement.

Here's the kicker: The spousal RRSP belongs to the lower-earning spouse, and contributions to the SRRSP are made by the higher-earning spouse, and are based on that person’s RRSP contribution room. This is handy because the SRRSP deduction will reduce the higher-income earner’s taxable income and reduce their taxes.
Unlock your SRRSP account in 3 easy steps!
1. Go to 'Accounts', click 'Adding Accounts' to our 'Open Account' page. (or you can find it by clicking ‘All’）
2. Spot the shiny new SRRSP card - it's hard to miss!
3. Click 'Next' and voilà! You're on your way to SRRSP bliss.
Retirement for two: Spousal RRSP is now available on moomoo
More to learn: Everything you need to know about your spousal RRSP

Get ready to supercharge your retirement savings and optimize your tax strategy with moomoo's latest offering. Don't miss out on this game-changing opportunity!
Disclaimer: Moomoo Technologies Inc. is providing this content for information and educational use only. Read more
45
+0
10
Translate
Report
69K Views
Comment
Sign in to post a comment
avatar
Moomoo CA
Moomoo Technology Inc. Official Account
How's it going, eh?
4436
Followers
24
Following
6296
Visitors
Follow
Heat List
US
SymbolMini ChartPrice
NVDA
NVIDIA
-- 142.620
TSLA
Tesla
-- 406.580
PLTR
Palantir
-- 78.980
AAPL
Apple
-- 222.780
MSTR
MicroStrategy
-- 353.670
Discussing
Trump 2.0 Era: What's the next opportunity in the markets?
▪️Could Trump's crypto policies potentially benefit the crypto market? ▪️Might his tariff policies have a positive effect on Chinese stocks Show More
Ask a strategist - Trump's first day
China Concept Stocks
Tracking the US-listed Chinese companies.