Personal Finance

RRSP Tax Deductions Carryforward past Age 70?

  • Last Updated:
  • Feb 19th, 2021 11:43 pm
[OP]
Deal Guru
Oct 27, 2003
14226 posts
4734 upvotes
Toronto

RRSP Tax Deductions Carryforward past Age 70?

Can anyone confirmed that unused RRSP tax deductions can be carried forward past age 70, when the RRSP converts to a RRIF? So the RRIF holder can use the RRSP deductions at age 72, 73 etc. to reduce income as needed...

I think they can, but just want someone knowledgeable to confirm this.
4 replies
Deal Addict
Jan 19, 2017
4102 posts
2331 upvotes
Kurtz7834 wrote: Can anyone confirmed that unused RRSP tax deductions can be carried forward past age 70, when the RRSP converts to a RRIF? So the RRIF holder can use the RRSP deductions at age 72, 73 etc. to reduce income as needed...

I think they can, but just want someone knowledgeable to confirm this.
What is the point of doing this exercise? The best you can do is to delay your RRIF being taxed until later. But you can not contribute to RRSP after you turn 71, unless your wife is under 71.
https://www.canada.ca/en/revenue-agency ... 1125_32292

There is no age limit about carry unused RRSP contribution.
Member
May 28, 2012
401 posts
345 upvotes
ONT
It's annoying, I passed the 71 years age several years ago and the CRA still tells me annually what my RRSP contribution space is.
Jr. Member
Mar 6, 2015
183 posts
220 upvotes
mrct1944 wrote: It's annoying, I passed the 71 years age several years ago and the CRA still tells me annually what my RRSP contribution space is.
Do you have a spouse under 71 years old?
Member
May 28, 2012
401 posts
345 upvotes
ONT
MTLCPA wrote: Do you have a spouse under 71 years old?
No, she is over too.

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