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By Special to MoneySense on February 13, 2017
Estimated reading time: 1 minute

Fewer Canadians contributed to RRSPs from 2000 to 2013

By Special to MoneySense on February 13, 2017
Estimated reading time: 1 minute

Total value of RRSP contributions fell from $30.6B to $22.5B

This article is 8 years old. Some details may be outdated.

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OTTAWA — 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.

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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. 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.

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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.

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