Saving for retirement is a lengthy process and often involves utilizing contributions to both a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA) as well as other types of investment vehicles.
However, statistics show Canadians are saving only 4% of their disposable income and, despite the billions of dollars invested in RRSPs and TFSAs, have plenty of room to add more to their retirement nest eggs.
All figures are from Statistics Canada unless otherwise indicated.
Saving with RRSPs...
5,953,370 — number of Canadians who contributed to an RRSP in 2011 (down slightly from 5,956,010 in 2010).
24% — percentage of eligible tax filers who contributed to an RRSP in 2011 (down from 26% in 2010).
$34.4 billion — total RRSP contributions in 2011 (up from $33.9 billion in 2010).
$772.5 billion — total amount Canadians were entitled to contribute to RRSPs as of 2011.
$683.6 billion — total unused RRSP contribution room as of 2011 (accumulating since 1991).
22.7 million — number of Canadians with RRSP contribution room in 2011.
$2,830 — median RRSP contribution in Canada in 2011 (up from $2,790 in 2010).
$4,750 — highest median RRSP contribution in 2011 (Nunavut).
$2,310 — lowest median RRSP contribution in 2011 (Manitoba).
$775 billion — the total value of assets in Canadian RRSPs in 2011 (down from in $782 billion in 2010), according to Investor Economics.
$22,970 — maximum allowable RRSP contribution per person for the 2012 tax year.
