Yes, just as for an Individual RRSP you can withdraw funds from the account.
If your contributing spouse has not made any contributions in the year of the withdrawal nor in the preceding two years, then the withdrawals and withholding tax deducted will be included in your income tax return, not the contributing spouse’s income tax return.
However, if the contributing spouse has made contributions during the year of the withdrawal or the two preceding years, then all or a portion of the withdrawal and withholding tax may be included in their income tax return. The T4RSP – Statement of RRSP Income slip will be issued in the annuitant’s name and the annuitant will need to complete a form T2205 – Amounts From A Spousal or Common-Law Partner RRSP or RRIF to include in Income, and file one copy of the form with the annuitant’s income tax return and one copy with the contributing spouse’s income tax return. The financial institution that administers your Spousal RRSP will not provide you with a completed T2205 form.
Because Canada’s income tax system is based upon a self-reporting approach, it is incumbent on the individual taxpayers to report income earned and received.
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