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:
Any comments would be appreciated. Thanks
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...
cayleighl
New Member
newbee1
Level 2
Clin1
New Member
angesmith-telus-
New Member
kathleen-l-
New Member
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.