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This month’s significant number: 1/5 - DFSIN - SFL

This month’s significant number: 1/5

That’s the proportion of Canadian taxpayers who contribute to an RRSP, based on the most recent data available.

February 21, 2022

Based on the latest figures from Statistics Canada concerning Canadians’ RRSP contributions, a mere 21.8% of individuals who filed an income tax return made an RRSP contribution in 2019. That’s slightly more than one taxpayer in five, or 5,912,000 contributors, down by 1.5% compared to the previous year.

Total net contributions, however, at $44,268,370, were up by 1.8% for the year, while the median contribution of $3,260 was up by 4.2%.

Forthcoming data for the 2020 tax year should give a better idea of how the pandemic may have affected Canadians’ RRSP contribution habits.

The following sources were used to prepare this article:
Statistics Canada, “Registered retirement savings plan contributions, 2019.”