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Making an RRSP contribution is a great way to plan for your future. By contributing to an RRSP, you may claim a tax deduction which can help to reduce the total amount of income tax you pay. Income earned within the RRSP is also tax deferred until it's withdrawn which may allow you to potentially build a larger retirement fund. To help you get started, we break down the rules on making RRSP contributions, so that you can make the most mileage out of your plan.
When it comes to RRSP eligibility, here are a few basics worth knowing.
- There is no minimum age for opening an RRSP. In fact, those under the age of majority in their province may be able to set one up with their parent or guardian.
- However, some financial institutions may require customers to be the age of majority.
- You may set up and contribute to an RRSP as long as you have employment income, RRSP deduction limit, and file a tax return.
- A request to cancel or waive the tax.
- Supporting documents such as your RRSP, PRPP, specified pension plan (SPP) or RRIF statements that show the date you withdrew your excess contributions.
Any other correspondence that shows that your excess contributions are due to a reasonable error.
1 Subject to eligibility and conditions.
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