The steps for opening a Spousal RRSP are as follows!

1) Identify who the annuitant (account owner) will be and who the contributor will be for the Spousal RRSP. The annuitant is usually the partner who earns less income and will be withdrawing the funds during retirement, while the contributor will be the partner who will make contributions to the account and gain from the tax benefits (see more on that here).

2) The annuitant (and the contributor) will each need a Wealthsimple profile if they do not have one already! The Spousal RRSP account opening process must be initiated from the annuitant's Wealthsimple profile. The annuitant will need to complete steps 3 through 7!

3) Click “Open a new account”.

4) Click “Show All Accounts” at the bottom of the initial list of account types provided.

5) Select “Spousal RRSP”.

6) When prompted to input Spouse's details fill out the contributor's details!

7) Digitally sign the form to open the account!

The contributor will then be able to make contributions to the Spousal RRSP through their Wealthsimple profile going forward! If you have any questions feel free to reach out to our Relationship Management team!