Spousal registered retirement savings plans (RRSPs)

Notice: The Government of Canada has approved changes to the CDIC Act to modernize and enhance CDIC deposit protection. These changes will be reflected on this website when they take effect. Until then, current coverage rules apply.

A spousal RRSP is created so that one spouse (usually the one with a higher income) can contribute to a RRSP in the name of the other spouse or common-law partner.

We calculate insurance on the basis of who owns eligible deposits, not who contributes to them.

RRSPs are one of CDIC's insured categories. Eligible deposits held in spousal RRSPs at a failed CDIC member institution will be paid out to the RRSP owners. A person may own several RRSPs at the same member institution; for deposit insurance purposes, eligible deposits within them would be combined and insured for a total of up to $100,000.

Here's an example of how deposit insurance applies to spousal RRSPs.

Example: spousal RRSP

This example illustrates how deposit insurance applies to eligible deposits in a spousal RRSP, involving Joe.

  • $100,000 in a three-year GIC
    • contributed by Joe's wife;
    • held in Joe's spousal RRSP.
  • $90,000 in a two-year GIC
    • contributed by Joe himself;
    • held in Joe's own (non-spousal) RRSP.
  • = $190,000 of which $100,000 is covered

What's insured & why:

The spousal and non-spousal RRSP have one owner - Joe - so they are combined ($190,000) and insured to a limit of $100,000.

What's not insured & why not:

The excess $90,000 in Joe's combined RRSP is above CDIC's coverage limit of $100,000 per category and is not insured.

Note that trusteed spousal RRSPs are insured separately from non-trusteed spousal RRSPs. Learn more about deposit insurance for these and other trust accounts.