Anyone who files a tax return and has earned income can open and contribute to an RRSP. There are limits on how much you can contribute to an RRSP each year. You can contribute the lesser of:
If you are a member of a pension plan, your pension adjustment will reduce the amount you can contribute to your RRSP.
If you don't have the money to contribute in a year, you can take your RRSP contribution room forward and use it in the future. Learn more about how RRSPs work.
The value of your RRSP can go up or down, depending on the investments you have. Learn more about investment risks.
You must close your RRSP in the year you turn 71. You can withdraw your RRSP savings in cash, convert your RRSP to an RRIF, or purchase an annuity.
Both offer tax advantages. Learn how they differ by reading a comparison of the TFSA and RRSP here.
Contact us (form below), we will gladly help you make the calculation that best suits your needs.
You can open an RRSP at any age as long as you have earned income and file a tax return.
You must close your RRSP when you turn 71.
Source: OSC
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