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By Jason Heath, CFP on April 21, 2025
Estimated reading time: 4 minutes

By Jason Heath, CFP on April 21, 2025
Estimated reading time: 4 minutes

Here’s why you might see an RRSP deduction limit on your notice of assessment, even when you’ve already converted your account to a RRIF.

My CRA RRSP deduction limit shows I have contribution room of $25,051. But my wife and I have RRIF accounts as we’ve already turned 71. Should I ignore this RRSP contribution limit?

—Bob

Your annual notice of assessment (NOA) and your online Canada Revenue Agency (CRA) My Account service both report your registered retirement savings plan (RRSP) contribution room. And when it comes to age, the CRA does not discriminate. It reports your RRSP room, or lack thereof, in both places, whether you’re a young person with no contribution room or a senior far into retirement.

I can understand your confusion, Bob, because you and your wife have converted your RRSPs to registered retirement income funds (RRIFs). An RRSP account holder needs to do this by no later than December 31 of the year they turn 71.

There’s a spot on your NOA and in your CRA online account to report your RRSP room, so the CRA will provide your RRSP deduction limit, even though you’re no longer contributing to your RRSPs. If you are older than 71, you........

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