Fewer than one in four contribute to RRSPs

By Andrew Rickard | March 03 2016 11:29AM

Data from Statistics Canada shows that only 23% of Canadians put money in their RRSPs in 2014, and the median contribution was just $3,000.

The Feb. 26 edition of the Statistics Canada Daily reveals that while the overall amount of money placed in RRSPs reached $38.6 billion in 2014, an increase of 3.2% compared to 2013, the number of Canadians who contributed has actually declined slightly from 23.4% in 2013 to 23% in 2014. The median contribution has remained at $3,000 since 2013.

Contributions increased in most provinces and territories

Statistics Canada says that total contributions increased in most provinces and territories, led by Northwest Territories (+6.3%), Newfoundland and Labrador (+5.8%), Prince Edward Island (+5.4%) and Alberta (+5.4%). The only province in which contributions decreased was New Brunswick (-1.2%).

“Nunavut recorded the lowest percentage of taxfilers who contributed to an RRSP, at 11.4%, but those taxfilers who did contribute reported the highest median contribution ($4,500),” reads the Statistics Canada report. “Alberta ($3,600) had the second highest median RRSP contributions, followed by Yukon ($3,500) and the Northwest Territories ($3,450). Manitoba reported the lowest median contribution, at $2,400.”

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