Slight gain in RRSP contributions

Statistics Canada survey shows largest increase in Saskatchewan
|Canadian HR Reporter|Last Updated: 05/04/2009

Just under 6.3 million Canadian taxfilers contributed to registered retirement savings plans (RRSPs) in 2007, up 1.6 per cent from 2006. But their contributions rose by 5.3 per cent to $34.1 billion, according to Statistics Canada.

Among the provinces, the highest percentage increase in the number of contributors occurred in Newfoundland and Labrador (5.3 per cent) and Saskatchewan (4.5 per cent). However, in absolute numbers Quebec had the largest gain with almost 25,700 people. And the largest increase in actual contributions occurred in Saskatchewan (12.8 per cent).

Almost 88 per cent of tax filers were eligible to contribute to an RRSP for the 2007 tax year, the same proportion as in 2006. Of this group, about one-third (31 per cent) actually made contributions, unchanged from 2006.