The whole notion of retirement is changing. So is retirement planning.

Did you know...
 

• You don't have to deduct your RRSP contribution in the year it is made.
• You can make a one-time $2,000 over-contribution to your RRSP without penalty.
• You can contribute to an RRSP for your spouse or common-law partner, based on your contribution room, and deduct it on your tax return.
• Don't wait until the RRSP deadline to make your contribution - contribute today.
• You can set up an automatic contribution plan for your RRSP.
• You can contribute qualified investment you already own directly to your self-directed RRSP.
• Provided you have unused RRSP room and are not over 71, you can continue to make an RRSP contribution for yourself - even if you are retired. If you are over 71, but your spouse or common-law partner is not, you can make a contribution to a spousal RRSP.
• If you are under 71 and don't need the income, you can convert your RRIF back into an RRSP (LIFs and LRIFs can also be converted back to a LIRA or locked-in RRSP, as long as you are still under 71).
• If you are 65 or older, a RRIF payment qualifies for the Pension Tax Credit of up to $2,000.
• The RRIF withdrawal can be minimized if you have a younger spouse (or common-law partner).

Financial security in retirement and preserving the value of their estate for the next generation is a common concern. Please refer to the Estate menu for further information on estate planning.