Setting up an RRSP

You may also want to set up a spousal or common-law partner RRSP.
This type of plan can help ensure that retirement income is more evenly split between you and your spouse. The benefit is greatest if a current higher-income spouse or common-law partner contributes to an RRSP for a future lower-income spouse or common-law partner. The contributor receives the short term benefit of the tax deduction for the contributions, while the annuitant, who is likely to be in a lower tax bracket during retirement, receives the income and reports it on his or her tax return.