Michael is 73 years of age and has not yet retired. Hence, he continues earn qualifying income

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Michael is 73 years of age and has not yet retired. Hence, he continues earn qualifying income for RSP contributions. His wife, Helene, who is 65, recently retired and is receiving a modest income from CPP, OAS and a spousal RSP. Advise the couple regarding the spousal RSP. Michael can continue to contribute to a spousal RRSP for Helene. Michael can no longer contribute to Helene's spousal plan because he is over the age of 70. Helene must convert her spousal RSP to a RRIF because Michael as the contributor is over the age of 70. Helene cannot make withdrawals from her spousal plan until Michael retires

Posted Date: May 18, 2024 09:07 PM

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Michael is 73 years of age and has not yet retired. Hence, he continues earn qualifying income

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