Issue 16-32: Registered Retirement Plan (RRSP)
February 26, 2016
The number of British Columbians who contributed to Registered Retirement Savings Plans (RRSPs) totalled 742,250 in 2014, up 1.1% from 2013. RRSP contributors represented 22% of all taxfilers (includes those who are ineligible to contribute) in the province. There were more male (53%) contributors than females (47%), though females made up a slightly larger share of B.C. taxfilers (52%).
Individuals aged 45 to 54 years accounted for 27% of contributors, while 25 to 34 year olds made up 18% of the total. The median employment income of contributors in the province was $59,030, up from $57,560 in 2013. Total RRSP contributions were $5.0 billion, notably higher (+4.7%) than the 2013 total. The median value of contributions made by males ($4,120) was more than the median contribution value of females ($2,630), resulting in an overall median contribution value of $3,370, slightly above the national median value of $3,000.
Nationally, there was a very slight change in the number of contributors in 2014 (+0.3%), though the value of contributions rose 3.2% to $38.6 billion.
Data Source: Statistics Canada