Tips and recommendations 

Can a 72 year old contribute to a spousal RRSP?

Leia Doyle

Can a 72 year old contribute to a spousal RRSP?

If you cannot contribute to your RRSP because of your age, you can still contribute to your spouse’s or common-law partner’s RRSP until the end of the year that they turn 71. For more information, see RRSP options when you turn 71.

Can you buy spousal RRSP after 71?

Even though you can no longer hold an RRSP in your own name after the year you turn 71, you can still make an RRSP contribution to a spousal RRSP as long as your spouse is 71 or younger at year-end and you have RRSP contribution room.

How much OAS will I get at 69?

Guide for calculating OAS amounts for each year the pension is delayed

Age Percentage increase How much you could get for your OAS pension (July to September)
67 24 months X 0.6% = 14.4% $716.70
68 36 months X 0.6% = 21.6% $761.81
69 48 months X 0.6% = 28.8% $806.92
70 60 months X 0.6% = 36% $852.03

How much do I need to retire at 70 in Canada?

Rule 3: 70% of Working Income (or more) For example, assume you earn $100,000 per year before retiring. Using the 70% rule, you will need approximately $70,000 ($100,000 x 70%) in annual income to maintain your lifestyle in retirement.

What happens to an RRSP when you turn 71?

The last day when you can contribute to your RRSP is Dec. 31 of the year when you turn 71. After that date, you can no longer contribute, and any unused portion of your RRSP deduction limit will be lost. However, you can continue to contribute to your spouse’s RRSP if your spouse has not yet reached age 71.

Should I withdraw money from my RRSP before I turn 71?

Contributing money to an RRSP is synonymous with retirement planning in Canada. However, there are circumstances where you could end up saving too much inside an RRSP and it is appropriate to make strategic withdrawals in the years before converting to a RRIF at age 71.

What happens to my RRIF when I die?

Amounts received from a RRIF upon the death of an annuitant can be transferred directly or indirectly to your RRSP, to your RRIF, to your PRPP, to your SPP or to buy yourself an eligible annuity if you were a qualified beneficiary of the deceased annuitant.

What happens to a RRIF when you die?