Glossary of Terms

A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Spouse -A person with whom an individual has been living and cohabiting in a marriage like relationship for a prescribed length of time. (Length of time varies among provinces, the Income Tax Act and the Pension Benefits Standards Act).

Spousal RRSP -A RRSP where the registered plan holder (or annuitant) is the spouse of the contributor. The contributor receives the tax deduction while the annuitant is taxed when monies are eventually withdrawn, subject to attribution rules.

Surplus -The excess of the value of the plan assets over the liabilities of the plan.