How is my withdrawal taxed if the RRIF assets came from a Spousal RRSP and I am withdrawing more than the required annual minimum?

If the amount of your withdrawal is equal to or less than the Minimum Annual Withdrawal Amount required by the Canada Revenue Agency then the withdrawn amount is included in your (the annuitant’s) income tax return, not the spousal contributor’s income tax return.

For withdrawal amounts greater than your required minimum annual withdrawal, your spouse may be required to include the excess withdrawal in their income if they had made Spousal RRSP contributions in the three years prior to your withdrawal.

Note: If you are planning to withdraw more than the required minimum amount, you should check with the financial institution administering your account before you make the withdrawal to see if any portion must be attributed to the contributing spouse.

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