Skip to main content

RRSP contributions by those in their prime years slipped from 2000 to 2013

A man looks at a retirement planning brochure in Montreal. Two of the largest RRSP contribution declines were in 2008 and 2009.

Ryan Remiorz/THE CANADIAN PRESS

The number of Canadians in their prime-working years that contributed to their RRSP accounts steadily declined from 2000 to 2013, according to a report by Statistics Canada.

The report released Monday noted that two of the largest contribution declines were in 2008 and 2009, which was the same time as the financial crisis and the introduction of tax-free savings accounts.

But whether this trend results from factors such as the recent economic recession, shifts toward other means of wealth accumulation — including home equity — or entirely different reasons is an open question, the report said.

Story continues below advertisement

The report said among individuals aged 25 to 54 the number of annual RRSP contributors fell 16 per cent between 2000 and 2013.

The number of contributors in the age range fell to 4.2 million in 2013 compared with 5.0 million in 2000.

Meanwhile, the total value of annual RRSP contributions fell by the same group approximately 26 per cent after being adjusted for inflation.

The total value of RRSP contributions fell to $22.5 billion in 2013 compared with $30.6 billion in 2000 when measured in 2013 constant dollars.

Preet Banerjee discusses the basics of how an RRSP works and what you need to know before the deadline.
Report an error
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

Cannabis pro newsletter