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 Guru; Oct 27, 2003; 14226 posts; 4734 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 Addict; Jan 19, 2017; 4102 posts; 2331 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: Member; May 28, 2012; 401 posts; 345 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: Jr. Member; Mar 6, 2015; 183 posts; 220 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: Member; May 28, 2012; 401 posts; 345 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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