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- Although you cannot contribute to your RRSP after December of the year you turn 71 years old, you can still contribute to your spouse's or common-law partner's RRSP until the December of the year that they turn 71.
www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/contributing-a-rrsp-prpp/contributing-your-spouse-s-common-law-partner-s-rrsps.html
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Can I contribute to my spouse's RRSP If I'm 71?
Can a younger spouse still contribute to a RRSP?
Can a spousal RRSP reduce income tax After retirement?
What if I have made a withdrawal from a spousal RRSP?
Can a spousal RRSP be tax-deferred?
Can a spousal or common-law partner RRSP contribute more than my deduction limit?
Although you cannot contribute to your RRSP after December of the year you turn 71 years old, you can still contribute to your spouse's or common-law partner's RRSP until the December of the year that they turn 71.
Jun 21, 2021 · Can you own a spousal RRSP and an individual RRSP? The owner of a spousal RRSP may be able to contribute to their account themselves and claim a personal RRSP tax deduction.
No. However, the deceased individual's legal representative can make contributions to the surviving spouse's or common-law partner's RRSPs in the year of death or during the first 60 days after the end of that year, up to the individual's RRSP deduction limit for that year, and deduct those contributions on the deceased individual's return for ...
Oct 25, 2024 · Then convert the RRSP to an RRIF as required before the end of December 2024. You will be penalized for making an RRSP overcontribution for 2024 (up to C$31,560). The penalty is 1% per month of the overcontributed amount, subtracting the C$2,000 that anyone can overcontribute on a cumulative basis without penalty.
Jan 15, 2024 · Spousal RRSPs or common-law partner RRSPs. After December of the year you turn 71 years old, you can contribute up to your RRSP deduction limit to a spousal 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.
Dec 4, 2023 · Learn about the Spousal RRSP and how it can reduce income tax after retirement. Know Spousal RRSP benefits, contribution limits and withdrawal rules.
May 13, 2024 · A key benefit of a Spousal RRSP is the ability to split retirement income between partners. By contributing to a Spousal RRSP, the higher-income spouse can effectively transfer a portion of their retirement savings to the lower-income spouse, helping to equalize retirement incomes.
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