An individual who turns 71 in 2023 can make RRSP contributions by the end of 2023, to the extent contribution room is available.
An individual can continue to contribute to a spousal RRSP until the end of the year in which his or her spouse turns 71, to the extent contribution room is available.
For 2015 and later years, the Government introduced a reduction in the minimum amount that must be withdrawn from a RRIF for a holder who is over the age of 71. The lower RRIF factors will permit holders to preserve more of their RRIF savings in order to provide income at older ages.
Below are some noteworthy highlights of the CPP:
Tax Tips 2023