A higher-earning spouse who contributes to a Spousal Registered Savings Plan (RSP) can reduce his or her taxes now, and the couple's combined taxes after retirement. Each tax year, the higher earning spouse makes the spousal contribution and claims the deduction.

After retirement, the lower-earning spouse will likely be able to withdraw the RSP proceeds and pay less tax than if one spouse received the bulk of the couple's retirement income.

You can contribute to both your RSP and a Spousal RSP, although total contributions cannot exceed your available RSP contribution room. Your spouse's own RSP contribution limit is not affected by your contributions to a spousal plan.

Remember, however, that by contributing to a spousal RSP your contribution becomes the property of your spouse.

This page is part of the GayFinance series.