You must make your RRSP contribution by December 31 of the year in which you turn 69. This is a different rule from that applicable to younger individuals. All others may contribute to an RRSP up to the end of February of the year following and receive a tax deduction for the current year. If you have reached the age of 69 and still have unused contribution room, you may contribute to a spousal RRSP if your spouse is younger, up to when he or she turns 69. An individual may contribute property to an RRSP, but to do so would generally require a self-directed plan.
Property is considered sold at the date of the contribution.
Capital gains will be taxed and capital losses will be denied. RRSP Contribution Room Carry Forward Individuals who have not been able to take full advantage of RRSP contributions may carry forward indefinitely any unused contribution room. The former rules only allowed a seven-year carry forward for unused contribution room. An RRSP must mature by the end of the year in which you turn 69. Tax must be paid at your marginal rate if you take the funds from your RRSP at this time.