RRSP Tax Deductions Carryforward past Age 70?

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Feb 19th, 2021 11:43 pm

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Feb 19th, 2021 3:30 pm

Kurtz7834 [OP]: Deal Expert; Oct 27, 2003; 15889 posts; 6404 upvotes; Toronto

Feb 19th, 2021 3:30 pm

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.

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Feb 19th, 2021 4:35 pm

ml88888888: Deal Fanatic; Jan 19, 2017; 6881 posts; 4011 upvotes

Feb 19th, 2021 4:35 pm

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.

+1

Feb 19th, 2021 4:57 pm

mrct1944: Sr. Member; May 28, 2012; 535 posts; 507 upvotes; ONT

Feb 19th, 2021 4:57 pm

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.

Feb 19th, 2021 5:03 pm

MTLCPA: Member; Mar 6, 2015; 209 posts; 446 upvotes

Feb 19th, 2021 5:03 pm

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?

Feb 19th, 2021 11:43 pm

mrct1944: Sr. Member; May 28, 2012; 535 posts; 507 upvotes; ONT

Feb 19th, 2021 11:43 pm

MTLCPA wrote: ↑ Do you have a spouse under 71 years old?

No, she is over too.

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