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sam23
New Member

Is there something called Senior's overcontribution to RRSP in the year he turns 71 and still be eligible for tax deduction?

If a person has contributed to RRSP in the year he turns 71 and still contributes in Dec of that year, he has to pay penalty for just that month and still claim a tax deduction in the following year. Not just for a spouse but for himself as well?

Pleas see: 

https://www.theglobeandmail.com/globe-investor/personal-finance/taxes/rrsp-overcontributions-can-jui...

Any comments would be appreciated. Thanks

1 Reply

Is there something called Senior's overcontribution to RRSP in the year he turns 71 and still be eligible for tax deduction?

Over-contribution in the year the RRSP contributor turns 71 is a common tax-strategy. The information found in the link you provided is accurate.

A more detailed explanation of the concept can be found on Manulife's site - here's the link: https://repsourcepublic.manulife.com/wps/wcm/connect/e77c17a4-0b8b-4907-9cc1-7e6dbcc4d614/inv_trs_st...