Final answer:
The maximum age you can contribute to your own registered retirement savings plan (RRSP) is not determined by law, but there is a maximum age set by the government for converting your RRSP into a Registered Retirement Income Fund (RRIF), which is 71 years old.
Step-by-step explanation:
The maximum age you can contribute to your own registered retirement savings plan (RRSP) is not determined by law. Instead, it is determined by the financial institution holding the plan. However, there is a maximum age set by the government for converting your RRSP into a Registered Retirement Income Fund (RRIF), which is 71 years old.
After the age of 71, you are no longer allowed to contribute to your RRSP but must convert it into an RRIF. At that point, you will start receiving regular income payments from your RRIF instead of making contributions.
It's important to note that the age of eligibility for full retirement benefits under the Social Security system is separate from the maximum age to contribute to an RRSP. The age of eligibility for Social Security retirement benefits is currently 67 years old.