rrsp

RRSP

REGISTERED RETIREMENT SAVINGS PLAN (RRSP)

An RRSP allows individuals to accumulate retirement funds using pre-tax income. Taxation is deferred until the amount is withdrawn from the plan.

Such contributions may be paid to an RRSP for the benefit of the taxpayer and/or for the benefit of the spouse or common-law partner, providing that the aggregate of these contributions does not exceed the RRSP contribution limit for the year. Contributions deductible in the current year must be made no later than 60 days after the end of the taxation year. For more information on RRSP contributions, see CRA Guide T4040.

An RRSP matures when the annuitant reaches the age of 71. Con-tributions made since 1991 may be claimed in the current year if they have not been claimed in another year and if they do not exceed the RRSP contribution limit. They may be claimed even if the taxpayer is over 71 and no longer allowed to contribute for the current year. Individuals who have RRSP deduction room available after age 71 will be able to contribute to a spousal RRSP until the end of the year in which their spouse or common-law partner turns 71.

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