By Jason Heath, CFP on April 21, 2025
Estimated reading time: 4 minutes

Can you make RRSP contributions after age 71?

By Jason Heath, CFP on April 21, 2025
Estimated reading time: 4 minutes

Here’s why you might see an RRSP deduction limit on your notice of assessment, even when you’ve already converted your account to a RRIF.

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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. If you are older than 71, you generally cannot do anything with your RRSP room. That said, there may be an exception.

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Contributing to spousal RRSPs

If your spouse is age 71 or younger, he or she can open a spousal RRSP. A spousal RRSP is an account that is owned by one spouse—typically the one with lower income or who is younger—and contributed to by the other spouse, who typically is older or has a higher income.

You can make RRSP contributions when you’re older than 71, as long as you’re contributing to a spousal RRSP for a younger spouse. When doing so, you use your own RRSP room and claim the deduction on your own tax return. The spousal RRSP account holder takes the withdrawals in the future.

Can you have an RRSP and a RRIF at the same time?

Even if you have already converted your RRSP to a RRIF, you can still make RRSP contributions. This is because you can have unlimited RRSPs and RRIFs, and when you convert an RRSP to a RRIF, you only do so for that specific account. You do not have to convert all of your accounts at the same time.

You can even transfer your RRIF funds back to an RRSP and stop RRIF withdrawals, if you are 71 or younger. Although this is uncommon, it is technically allowed.

The only time that you might want to contribute to an RRSP after converting your RRSPs to RRIFs is if you had a spike in income or cash to contribute and you wanted to claim an RRSP deduction.

Unused RRSP contributions

Interestingly, you can contribute to an RRSP up until the end of the year you turn 71 and carry forward the deduction. These unused RRSP contributions are available to deduct in the future with no age limitations.

This is not a common occurrence, as Canadians generally prefer to deduct an RRSP contribution in the year it’s made, so they can get a tax refund right away.

If you anticipated a spike in your income at age 72 or later, say from selling a rental property or cottage, you might choose to delay an RRSP deduction. But, generally speaking, carrying forward a deduction more than a year or two will be a losing proposition due to the time value of money. A tax refund is better this year than next year unless your tax rate and corresponding tax savings are significantly higher.

Your RRSP room isn’t going anywhere

In your case, Bob, your RRSP deduction limit reported by the CRA is accurate, albeit useless information. You and your wife are both over age 71 and can no longer contribute to an RRSP.

Unfortunately, even when you’re 91, you will still see that lingering RRSP room reported by CRA. Most people never max out their RRSPs, but every Canadian taxpayer will have their RRSP room listed by CRA regardless of their age.

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About Jason Heath, CFP

Jason Heath is a fee-only, advice-only Certified Financial Planner (CFP) at Objective Financial Partners Inc. in Toronto. He does not sell any financial products whatsoever.