RRSP

Forum|Forum|4 years ago
December 14, 2021
1 reply
3 views

can I still purchase spousal RRSPs once I am over 70?

ProFile (Canada)

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Best answer by Brendajoycer

After December of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spousal RRSP or common-law partner RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year you make the contribution.

Below is the link to CRA where the above is stated

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-options-when-you-turn-71/spousal-rrsps-common-law-partner-rrsps.html#:~:text=After%20December%20of%20the%20year%20you%20turn%2071%20years%20old%2C%20you%20can%20contribute%20up%20to%20your%20RRSP%20deduction%20limit%20to%20a%20spousal%20RRSP%20or%20common%2Dlaw%20partner%20RRSP%20if%20your%20spouse%20or%20common%2Dlaw%20partner%20is%2071%20or%20younger%20on%20December%2031%20of%20the%20year%20you%20make%20the%20contribution.

B

Brendajoycer Answer

Level 4

After December of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spousal RRSP or common-law partner RRSP if your spouse or common-law partner is 71 or younger on December 31 of the year you make the contribution.

Below is the link to CRA where the above is stated

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-options-when-you-turn-71/spousal-rrsps-common-law-partner-rrsps.html#:~:text=After%20December%20of%20the%20year%20you%20turn%2071%20years%20old%2C%20you%20can%20contribute%20up%20to%20your%20RRSP%20deduction%20limit%20to%20a%20spousal%20RRSP%20or%20common%2Dlaw%20partner%20RRSP%20if%20your%20spouse%20or%20common%2Dlaw%20partner%20is%2071%20or%20younger%20on%20December%2031%20of%20the%20year%20you%20make%20the%20contribution.

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