| 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).
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