Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the CRA.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle de l'ARC.
Please note that the following document, although believed to be correct at the time of issue, may not represent the current position of the Department.
Prenez note que ce document, bien qu'exact au moment émis, peut ne pas représenter la position actuelle du ministère.
RULINGS DIRECTORATE
CORRESPONDENCE SUMMARY
DOCUMENT TYPE:
Opinion
Principal Issues:
Whether RRSP deductions can occur after age 71.
Position TAKEN:
Yes.
Reasons FOR POSITION TAKEN:
Wording of 146(5). (See e.g. 911090, 920919.)
7255-3
XXXXXXXXXX 940373
Attention: XXXXXXXXXX
February 28, 1994
Dear Sirs:
Re: Deduction for Contributions to a Registered Retirement Savings Plan (RRSP)
This is in reply to your letter of February 11, 1994, in which you ask whether an individual, who has excess RRSP contributions of $8000.00 in the year he turns 71, can deduct the $8000.00 in subsequent years when is 73 years of age or older, provided he generates the earned income required to create the necessary RRSP room.
Provided the individual continues to have "earned income" as defined in paragraph 146(1)(c) of the Income Tax Act (the "Act"), the individual will be entitled to deduct the over-contributions to the extent permitted by subsection 146(5) of the Act in the years following the year(s) of over-contribution.
The above comments are an expression of opinion only and are not binding on the Department. We trust, however, that they are helpful.
Yours truly,
for Director
Financial Industries Division
Rulings Directorate
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