My husband has $9,612 showing for "unused RRSP contributions," yet he's been retired for nearly 10 years and hasn't contributed. Is this a problem?

[simpson-joanne779]

Do we just ignore it?

[TurboTaxAniqua]

No. It is not a problem. However, it is money left on the table. Unused contributions can be carried forward indefinitely. They do not expire. Review his latest Notice of Assessment, look for "Unused contributions previously reported and available to deduct," and check with CRA whether to claim the full amount in one year or spread it out to minimize taxes on other retirement income. 

Even though he has been retired for 10 years and can no longer contribute (if he is over 71), he can still claim the deduction.

While you must close an RRSP by December 31 of the year you turn 71, the CRA allows you to continue deducting "unused contributions" on your tax return even after you are 71 until the balance is gone.

Questions and answers about contributing to an RRSP

Hope this helps!

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