Issue 17-36: Registered Retirement Savings Plan (RRSP) Contributions
February 24, 2017
The number of British Columbians who contributed to Registered Retirement Savings Plans (RRSPs) totalled 751,450 in 2015, a 1.2% increase from 2014. The boost in B.C. was among the largest of the provinces, second only to that recorded in P.E.I. (+2.5%). New Brunswick (-0.2%), Saskatchewan (-0.2%) and Alberta (-0.6%) were the only provinces to record fewer contributors in 2015. Nationally, there was only a small increase (+0.3%) in the number of contributors, though the value of contributions rose a notable 1.5% to $39.2 billion.
RRSP contributors in B.C. represented 22% of all tax filers (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 tax filers (52%) in the province. 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 was $60,060, up from $59,030 in 2014.
Total RRSP contributions in B.C. totalled $5.2 billion in 2015, marginally higher than the $5.0 recorded in 2014. The median value of contributions made by males ($4,060) was well above the median contribution value of females ($2,630), resulting in an overall median contribution value of $3,330, slightly above the national median value of $3,000.
Data Source: Statistics Canada