My friends said that opened formula powder can only be kept for 30 days (upon opening). Most keep to that guideline. The nutritional value of the powder may change once opened. Hence, it is probably better to keep to the guideline A few tried to "extend" it by a few days. You can consider getting a smaller can instead.
I reckon it's best to stick to the stipulated date because baby formula is made precisely and contains all the nutrients that newborns need. Nutrients will deteriorate over time and need to be at a certain level for proper infant development. So best not to use baby formula past the manufacturer recommended time.
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I will transfer formula milk out from a 1.6kg tin to a smaller Tupperware container and refill from there. So that the milk powder won't come into contact with air that often.
Don't think it's the nutritional value but more of safety. Recently there was a baby who died after drinking formula due to bacterial infection.