Registered retirement savings plans must be matured by December 31st of the year in which you reach age 69.  However, this doesn’t necessarily mean that you cannot continue to make an annual RRSP contribution. 

If your spouse is under 69 years of age and if you still have contribution room, you can make a spousal contribution to his or her plan. You would consider doing this if you wish to continue to defer tax using an RRSP or if you are in a higher tax bracket than your spouse.  If your spouse is in a lower bracket, then future withdrawals from the plan will likely be taxed at lower rates.

Please contact your accountant at Harvey, Lister & Webb Incorporated to discuss the possibilities.

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