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.”