However, if you are selected, certain rules will apply depending on your age and the savings vehicle you choose.
From 65 years old:
Starting the year you turn 65 years of age, you're no longer eligible for labour-sponsored fund tax credits. This means you won't be eligible for the additional 30% tax credits.[1]
No more than 71 years old on December 31 of the current year:
You can contribute to an RRSP for you or your spouse if you have unused RRSP contribution room. Otherwise, you can contribute to a non-RRSP account.
Over 71 years old on December 31 of the current year:
You can no longer contribute to your own RRSP, but you can still contribute to your spouse's RRSP until December 31 of the year they turn 71 if you have unused contribution room. Otherwise, you can contribute to a non-RRSP account.