Skip to content

Find a question

Can’t find what you’re looking for? Ask us a new question!

I am going to be 65 in May. Is it worth contributing more to my RRSP for 2015 tax purposes?



Our response:

While we aren’t able to provide investment advice, we’ll try to help by providing some general information about RRSPs.

As a 65-year old, you can still contribute to RRSPs. In fact, you can do so until you are 71 (by that time you must wind them up and may consider transferring the assets to an income fund such as a RRIF). If you’re in a higher income bracket and still have RRSP contribution room, this may be a way to get a larger tax rebate for the 2015 year (keeping in mind the contribution deadline!). That said, there are more things than taxes to consider when investing in RRSPs – such as the cost of the investment itself, its risks, how it’s performing, and how long you’ll want to stay in that investment (also known as your time horizon). We suggest that you consult a professional advisor or a tax expert on what might be the right choice for you.

Can’t find what you’re looking for?

Copy the URL to share:

  Share the site: