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RRSPs after 71

I’m 73 and CRA says that I have RRSP room from my working days. Can I still use it?

Q – My wife and I are 73 and have investments in TFSAs and RRIFs. I keep getting notes from the CRA that I have RRSP room hanging on from my working days. I’ve searched my Gordon Pape reference books trying to find if I have any use for this (RRSPs should be collapsed at age 71). It doesn’t seem like I can use this but thought that I would ask. – Mike T.

A – Yes, this is possible. You may have carry-forward room you did not use before converting to a RRIF. Also, you can generate new contribution room after age 71 if you have earned income. The question is, what to do with it? If you had a spouse under 71 years of age, you could contribute to a spousal plan and claim a deduction. In your case, however, that is not an option since you are both 73. – G.P.