RRSP over contribution before RIFF conversion

Preparing for life after work. RRSPs, RRIFs, TFSAs, annuities and meeting future financial and psychological needs.
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kukucanuck
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RRSP over contribution before RIFF conversion

Post by kukucanuck »

I will be turning 71 this year and will be converting to RRIF before 2017 year end. I am not likely to have earned income this year
It has been suggested to me that I should contribute $ 2000 or so to my RSP.
I have no contribution room. Despite that will I be able to deduct this contribution from my 2017 tax return?
If the excess contribution is acceptable a a tax savings strategy, the contribution has to be made before conversion to RIFF. In that case, should I hold off conversion to December 2017.

Any comments based on your experience and knowledge will be much appreciated.
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adrian2
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Re: RRSP over contribution before RIFF conversion

Post by adrian2 »

kukucanuck wrote: 03 Apr 2017 11:26 I will be turning 71 this year and will be converting to RRIF before 2017 year end. I am not likely to have earned income this year
It has been suggested to me that I should contribute $ 2000 or so to my RSP.
I have no contribution room. Despite that will I be able to deduct this contribution from my 2017 tax return?
As you're not going to have "earned income" in 2017, this strategy is not for you.
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Peculiar_Investor
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Re: RRSP over contribution before RIFF conversion

Post by Peculiar_Investor »

There has been some recent discussion in RSP Overcontribution Help that might be useful.
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