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If I am retired can I still purchase and make contributions to a Registered Retirement Savings Plan (RRSP)?



Our response:

The rules relating to RRSPs relate to the age of the account holder, not whether they are retired or not. You must close your RRSP in the year you turn 71. You can withdraw your RRSP savings in cash, convert to a RRIF or buy an annuity.

You can contribute the lower of:

  • 18% of your earned income in the previous year, or
  • the maximum contribution amount for the current tax year: $26,010 for 2017

Learn more about how RRSPs work.

Speak to a registered financial advisor or tax professional to learn more about your own retirement saving options.

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