RRSP contributions hit record high

Nearly 6.2 million people contributed $32.5 billion in 2006
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|hrreporter.com|Last Updated: 11/21/2007

More Canadians are contributing more money to registered retirement savings plans (RRSPs), according to Statistics Canada.

The data compiled from income tax returns filed in 2007 found RRSP contributions rose 5.8 per cent from 2005 to $32.4 billion in 2006, the highest amount ever reported.

Nearly 6.2 million people contributed to an RRSP in 2006, an increase of one per cent, or 60,000 people, from 2005. This was the highest level since 2001 when more than 6.2 million people contributed to an RRSP.