Here's a plan that can be attractive for couples when one person will be receiving an employer-sponsored pension plan income. The Spousal RRSP allows the plan to be registered to one spouse (typically the lower income earner) but the other spouse can make contributions. Result:

• both spouses can receive income during retirement
• the taxes you pay as a family could be substantially less

Just like your own RRSP, you can make regular contributions to a Spousal RRSP through payroll deduction.