FEBRUARY 08, 2024
By Sun Life Staff
When is it a good idea to open a registered retirement savings plan (RRSP)? Well, you’re never too young to start saving. And there’s no minimum age required to open an account.
The only age limit in the Canada Revenue Agency (CRA) guide to RRSPs is 71. That’s when the government requires you to shut down your individual RRSP and withdraw money from it.
That means all Canadians who haven’t reached 71 can open and contribute to an RRSP. Just make sure you’ve:
- earned income in the previous tax year,
- reported it to the CRA on your tax return to give yourself RRSP contribution room, and
- calculated your RRSP deduction limit for the year.
If you’ve decided to open your first RRSP, here's what you need to know.