Age limit for contributing to an RRSP
The year you turn 71 is the last year in which you can make a contribution to your RRSP.
You can contribute to an RRSP under which your spouse or common-law partner is the annuitant until the end of the year your spouse or common-law partner turns 71.
For ie: If you don’t have an income and your spouse has a contribution limit of $70,000. When filing as common law or married, you can lower his or her income by contributing to RRSP up to the age of 71 even after he/she has retired. If the spouse is younger for ie. and there is more room and haven’t used up $70,000 then you can continue to contribute, lowering your taxes year after year by doing a spousal RRSP up and until the spouse or common law partner turns 71.
Therefore if your pension and income after retirement is still high and you want to lower your tax bracket, there is an option, so take advantage of it.
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