Can you make RRSP contributions after age 71? + MORE Apr 23rd

Canada goes to the polls on Monday, April 28. Not surprisingly, economic issues dominate this year’s federal election campaign. Whether it’s responding to U.S. tariffs, reframing climate policy or dealing with unaffordable housing, the major parties and candidates are focused on Canadians’ bread and butter. Here we’ve compiled the key campaign promises to date that will affect your household budget. We’ll keep updating this article as the parties make more announcements—so, check back often.

Canadian issues: Income taxes

All the major parties are promising cuts to income tax. The Liberal Party has promised to lower the tax rate for the bottom income bracket (below $57,375 in 2025) by a single percentage point to 14%, offering an annual savings of about $400 per tax filer. This is big because it affects virtually all taxpayers.

Conservative Party leader Pierre Poilievre has pledged to cut the bottom-bracket tax rate to 12.75% from 15%. Conservative Party calculations put the average annual tax savings at $900, or $1,800 for a two-income family…

Ask MoneySense
My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?

—Bob

Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My Account service both report your registered retirement savings plan (RRSP) contribution room. And when it comes to age, the CRA does not discriminate. It reports your RRSP room, or lack thereof, in both places, whether you’re a young person with no contribution room or a senior far into retirement.

Your RRSP contribution limit after 71

I can understand your confusion, Bob, because you and your wife have converted your RRSPs to registered retirement income funds (RRIFs). An RRSP account holder needs to do this by no later than December 31 of the year they turn 71.

There’s a spot on your NOA and in your CRA online account to report your RRSP room, so the CRA will provide your RRSP deduction limit, even though you’re no longer contributing to your RRSPs…

Here’s a round-up of news for Canadian investors this week.

Metro Inc

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EQ Bank

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Earn a guaranteed 3.55% in your RRSP when you lock in for 1 year.

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Best RRSP rates

See our ranking of the best RRSP accounts and rates available in Canada.

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MoneySense is an award-winning magazine, helping Canadians navigate money matters since 1999. Our editorial team of trained journalists works closely with leading personal finance experts in Canada…