Age 71: Your last chance to contribute!

December 31 of the year you turn 71 will be your last chance to contribute to your RRSP and decrease the unused contribution room accumulated since 1991. You decide if the contribution is to be deducted in the current year or in following years, whichever is more beneficial to your annual taxable income.

After December 31 of the year you turn 71, you can contribute to your spouse's RRSP, if your spouse has not yet turned 71.