Although already retired, can we still avail of the RRSP deduction limit of $12,445 that always show in our CRA tax assessment?
The last day when you can contribute to your RRSP is Dec. 31 of the year when you turn 71. After that date, you can no longer contribute, and any unused portion of your RRSP deduction limit will be lost. However, you can continue to contribute to your spouse’s RRSP if your spouse has not yet reached age 71. Such contributions are deductible, but they cannot exceed your own deduction limit.
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