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  • My Legal Briefcase

    My wife and I are separating. I have RRSP's that I do not wish to cash but that I do wish to split with my wife now that we are going our separate ways. However, I am afraid to do so because of the tax consequences. Once cashed. I have to bring the fund into my income for that calendar year. What do you advise?
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    Canada's Income Tax Act permits a transfer tax free of any portion of your RRSP's to your spouse on separation if it is provided for a properly drafted separation agreement and if you sign a prescribed form it has for that purpose that you can obtain online or from any office
    of the Canada Revenue Agency and file with your tax return.

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