Problems with RRSP consolidation

Question: I will be turning 69 this year and will have to consolidate my numerous RRSPs. I have a problem in that some of these are spousal RRSPs. I would like to combine all of them together in some type of RRIF or a combination of RRIF/GIC, etc. My financial institutions tell me that I cannot combine spousal plans with my personal RRSPs, even though these have been mine for many years. I also contacted Canada Customs and Revenue on this and they claim there is no such rule. They say these spousal RRSPs are mine now that so many years have passed. Your comments, please. – G.H.


If your spouse is alive and you are still living together, the advice you received from CCRA is wrong, and the person who told you this should be so informed. Each RRSP is the property of a single individual. The assets cannot be transferred to another person, no matter who made the contributions or how many years have passed, except under two conditions: death or marriage breakdown. See page 15 of the CCRA publication titled RRSPs and other registered plans for retirement. You’ll find it on their website at – G.P.