If you’re 50 or older in Canada, you still have time to maximize your savings, reduce your tax bill, and build a meaningful retirement plan. These tools and strategies are designed to reward your consistency and help you catch up if needed.
1. RRSP Catch-Up and Unused Room
You can keep contributing to your RRSP up until age 71. If you didn’t max out in earlier years, unused contribution room carries forward. This means you can contribute more later — and lower your taxable income now.
2. TFSA Growth After 50
The TFSA allows tax-free growth and withdrawals. There’s no age limit to contribute (as long as you’re 18+ and have room). By 2025, if you’ve never contributed, you could have over $95,000 in cumulative room.
3. Pension Income Splitting
At age 65, you can split up to 50% of eligible pension income with your spouse or common-law partner — lowering your household tax bill.
4. Age Amount and Other Credits
After age 65, you may be eligible for the Age Amount non-refundable tax credit. And if you’re caring for a spouse or dependent with a disability, additional credits may apply.
How Veracity LD Can Help
Veracity LD helps Canadians over 50 build stronger retirement plans — with RRSP and TFSA strategies, insurance options, legacy planning, and more. Whether you’re catching up or planning ahead, we’ll guide you through every tax-smart decision.
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