RRSP Centre

Retirement is Changing!

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).



We encourage you to peruse the new BMO Nesbitt Burns Retirement Your Way site. Within the site you will find a brochure summarizing some of the new tools noted below:

  • Pre-retirement checklist
  • Needs analysis
  • Articles
  • Links
  • Case studies
  • Demographic information
  • News releases
  • Polls
  • Calculators

Many people are concerned about their financial security in retirement and preserving the value of their estate for the next generation. Please refer to the Estate menu for further information on estate planning.