# Money Planning for Couples in Canada: Spousal RRSP and More > Money as a couple in Canada: joint vs separate accounts, spousal RRSPs, pension income splitting, who claims what, and one plan for the household. Source: https://trykosh.com/for/couples Kosh for couples # One household, two incomes: money planning for couples Couples in Canada file separate returns, but plenty of the tax system looks at you together. Kosh reads both partners' statements and shows the shared picture, who should contribute where, and what each choice is worth. ## What gets in the way ### Two views of the same money Each partner sees their own accounts. Shared bills, transfers and savings goals get lost in between. ### Unequal incomes, unequal tax When one partner earns much more, the household can pay more tax over a lifetime than it needs to. ### Who claims what Donations, medical expenses and childcare each have rules or reasons for which partner should claim. ### Joint accounts and deposit insurance Large savings at one bank may exceed CDIC limits without anyone noticing. ## What Kosh does about it ### Shows one household budget Upload both partners' statements and Kosh combines them, ignoring transfers between you so nothing is counted twice. ### Compares the two tax bills Federal and provincial tax for each of you, and which partner gets more from each deduction. ### Plans spousal RRSP contributions How much the higher earner could put in a spousal RRSP and what it saves now. ### Tracks shared goals A home, a trip or a child's RESP, with each partner's share and the monthly amount. ### Flags deposit insurance limits Kosh adds up what you hold at each institution by CDIC category. ## Free tools for couples [Free tool**RRSP tax refund calculator**Find out how much tax an RRSP contribution saves you this year, and what it really costs once the refund comes back.](/tools/rrsp-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator)[Free tool**Emergency fund calculator**Add up your essential monthly costs, choose how many months to cover, and see your target, the gap and how long it'll take to close it.](/tools/emergency-fund-calculator) ## A CFO for couples. Upload a statement and Kosh maps your money, estimates your federal and provincial tax and tells you the one thing to fix first. Free to start. [Start free](/signup?via=for-couples) ## Why the higher earner's RRSP room matters most Take a couple in British Columbia: one earns $150,000, the other $50,000. A $10,000 RRSP contribution saves about **$4,030** in 2026 tax for the higher earner, against about $1,960 for the lower earner. Their marginal rates are about 40.7% and 20%. A **spousal RRSP** lets the higher earner contribute, using their own room and getting the deduction, while the money belongs to the other partner. In retirement, withdrawals are generally taxed to the lower-income partner. The catch: withdrawals in the year of a contribution or the two years after can be taxed back to the contributor. See [the RRSP guide](/learn/rrsp-explained). ## Pension income splitting in retirement Later on, you can elect to allocate up to 50% of eligible pension income to your spouse or common-law partner on Form T1032. RRIF payments qualify once the person receiving them is 65 or older. CPP, QPP and OAS can't be split this way. ## Joint accounts and CDIC coverage CDIC insures eligible deposits up to $100,000 per category at each member institution. Deposits in one name and joint deposits are separate categories, as are deposits in TFSAs, RRSPs, FHSAs and RESPs. Large cash balances may need spreading across categories or institutions. See [high-interest savings vs GICs](/learn/high-interest-savings-vs-gic). [Free tool**RRSP tax refund calculator**Find out how much tax an RRSP contribution saves you this year, and what it really costs once the refund comes back.](/tools/rrsp-calculator)[Free tool**Income tax calculator**Work out your 2026 federal and provincial income tax, CPP and EI, and what you keep, in any province or territory. Add self-employment income, capital gains and RRSP contributions to see how each one changes the bill.](/tools/income-tax-calculator) ## Frequently asked questions How does a spousal RRSP work? The higher-income partner contributes to an RRSP owned by their spouse or common-law partner, using their own contribution room and claiming the deduction. Withdrawals are generally taxed to the owner, except that withdrawals in the year of a contribution or the two years after can be taxed back to the contributor. Can couples split income in Canada? Not employment income. But you can elect to split up to 50% of eligible pension income with your spouse or common-law partner using Form T1032. RRIF income qualifies once the transferring spouse is 65 or older. CPP, QPP and OAS can't be split this way. Should couples have a joint bank account? Many couples use a joint account for shared bills and keep personal accounts for the rest. It's a preference, not a rule. Joint deposits have their own $100,000 CDIC coverage category, separate from each person's own-name deposits. Who should claim donations and medical expenses? Either spouse can claim the couple's combined donations, and pooling them means more of the total gets the higher credit rate above $200. Medical expenses are often claimed by the lower-income spouse because the threshold is 3% of net income or $2,890 for 2026, whichever is less. Can we use one Kosh account as a couple? Kosh is built around one person's account. You can upload statements from shared accounts and from your partner's accounts with their agreement, and Kosh will show the household picture. ## Sources - [CRA: Pension income splitting](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/pension-income-splitting.html) - [CRA: RRSPs and Other Registered Plans for Retirement (T4040)](https://www.canada.ca/en/revenue-agency/services/forms-publications/publications/t4040/rrsps-other-registered-plans-retirement.html) - [CDIC: What's covered](https://www.cdic.ca/your-coverage/whats-covered/) - [CRA: Line 34900 Donations and gifts](https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/about-your-tax-return/tax-return/completing-a-tax-return/deductions-credits-expenses/line-34900-donations-gifts.html) - [CRA: Indexation adjustments for 2026](https://www.canada.ca/en/revenue-agency/services/tax/individuals/frequently-asked-questions-individuals/adjustment-personal-income-tax-benefit-amounts.html) General information for planning, not tax, legal or investment advice. Kosh is an educational financial planning tool by Primedepth Labs. It is not registered with any Canadian securities regulator as an adviser or dealer, does not recommend specific securities, and does not hold your money or execute trades. Tax figures are estimates; confirm with the CRA or a qualified professional before acting. Investing carries risk.