Address

BMO Nesbitt Burns
1501 av. McGill College
Suite 3200
Montréal, QC
H3A 3M8
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RRSP & RRIF

Registered Retirement Accounts
Did you know that…?
  • You don’t have to deduct your RRSP contribution in the year you make it.

  • The maximum contribution to an RRSP is $29,210 for 2022.

  • You can, make a one-time over-contribution of $2,000 to your RRSP without penalty.

  • You can contribute to an RRSP for your spouse or your common law partner, according to the contribution entitlement you have available, and deduct this amount from your taxable income on your tax return.

  • You can establish an automatic RRSP contribution plan.

  • You can deposit eligible investments you already own in your self-directed RRSP.

  • If you have unused contribution rights and are less than 71 years old, you can continue to contribute to your RRSP even after retirement. If you are over 72 but your spouse or common law partner is younger, you can contribute to your spouse’s plan.

  • If you are less than 71 years old and don’t need the income from a RRIF, you can reconvert it into an RRSP (LIFs and LRIFs can be reconverted into LIRAs or locked in RRSPs as long as you are less than 71 years old).

  • If you are 65 years old or older, a withdrawal from a RRIF is eligible for the pension income tax credit up to a maximum of $2,000.

  • If you have a younger spouse (or common law partner), withdrawals from a RRIF can be minimized.