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This month’s significant number: 1,581 - DFSIN - SFL

This month’s significant number: 1,581

That’s the average annual contribution, in dollars, to a registered education savings plan.

September 14, 2021

According to the latest figures from Statistics Canada, Canadians invested a total of about five billion dollars in registered education savings plans (RESPs) in 2019, for an average contribution of $1,581 per plan. This was up slightly from total contributions of about $4.9 billion last year.

Breaking it down among the provinces and territories, Nunavut had the highest average contribution at $1,833. At the other end of the spectrum, New Brunswick’s average contribution was $1,241.

Note that the RESP has a plan lifetime contribution limit of $50,000 for each beneficiary.

The following sources were used to prepare this article: 
Statistics Canada, “Canada Education Savings Program: 2019 Annual Statistical Review.”