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davsal
New Member

I have large US medical bill which I can claim on my Cdn tax, I am 70 and must end my RRSP soon. Should I close the RRSP, using the deduction that med expense allows?

 
1 Reply

I have large US medical bill which I can claim on my Cdn tax, I am 70 and must end my RRSP soon. Should I close the RRSP, using the deduction that med expense allows?

Hi, thank you for using Intuit TurboTax Live Community

This is actually a complex financial planning question. It depends on your income and the dollar value of the medical expense. You may want to discuss your options with the institution that administers the RRSP.

 

Just to mention , the RRSP has to be converted before the end of the year you turn 71. A couple of options are available. There is a great CRA link:

https://www.canada.ca/en/revenue-agency/services/tax/individuals/topics/rrsps-related-plans/rrsp-opt...

Review the link and discuss options with your financial institution

Hope this helps