RRSP contributions hit record high

Nearly 6.2 million people contributed $32.5 billion in 2006
By
|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.

Alberta saw the largest gains with nearly 26,000 more Albertans contributing to an RRSP in 2006 than in 2005.

Of the 88 per cent of tax filers eligible to contribute to an RRSP in 2006, 31 per cent did so, which is on par with the level in 2005.

In 2006, the maximum amount someone could contribute to an RRSP rose from $16,500 to $18,000. The national median contribution (the point at which exactly one-half of contributions were higher and one half were lower) for 2006 was $2,730, up from $2,630 in 2005.

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