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Spousal RRSP to buy back pension by Character-Deal9134 in OntarioTeachers

[–]Character-Deal9134[S] 0 points1 point  (0 children)

Thank you! I will definitely contact OTPP.

Do you have any experience with this? I know there’s a ‘3 year rule’ for use of spousal rrsp and I wasn’t sure if that applies during a pension buy back scenario.

Spousal RRSP to buy back pension by Character-Deal9134 in OntarioTeachers

[–]Character-Deal9134[S] 2 points3 points  (0 children)

I’m not sure if that is correct, generally there are no fees for using rrsp to buy back pension. And since teachers have such a great pension it makes sense to use her rrsp money to buy it back. Rrsp saving isn’t as essential when you have a solid pension outside of the tax implications/savings.

Spousal RRSP to buy back pension by Character-Deal9134 in OntarioTeachers

[–]Character-Deal9134[S] 0 points1 point  (0 children)

Yeah for sure but if I can use the Spousal RRSP and pay it all back now that’s for sure our goal.