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The Daily. Wednesday, October 25, 2000
Contributions to registered retirement savings plans (RRSPs) rebounded to their second highest level ever in 1999.
A record 6,207,000 taxfilers contributed to an RRSP during the 1999 tax year, up 1.4% from the previous year. They contributed $27.8 billion, a 2.6% increase from 1998 (after adjusting for inflation as measured by the Consumer Price Index).
The number of contributors and the amount of their contributions both recovered, after declining in 1998 for the first time since 1991. Contributions last year were still short of the record $28.2 billion set in 1997.
About 29% of all taxfilers contributed in 1999, or 36% of those eligible to contribute. To be eligible to contribute to an RRSP, a taxfiler must have new room as a result of qualifying income - generally employment income - or must have unused RRSP room from previous years.
Ontario taxfilers contributed $11.9 billion, 43% of the total, although only 37% of eligible taxfilers are from Ontario. Contributors from Quebec deposited $5.9 billion, or 21% of the total.
The number of contributors increased in all provinces except Saskatchewan, where 197,200 people made contributions, down 2.5%. The number of contributors in Saskatchewan peaked in 1996, but has been decreasing since that time.
The amount of contributions declined in Nova Scotia, Prince Edward Island, Saskatchewan, Yukon and the Northwest Territories. Nunavut showed the largest change, while among the provinces, the largest increase was in New Brunswick, where taxfilers contributed $418 million, up 4.3%.
The average contribution last year was $4,477, compared with $4,576 in 1997 and $4,424 in 1998, after inflation is taken into account. In general, taxfilers with the highest incomes contributed the most. In 1999, the average contribution of those whose total income exceeded $80,000 was $12,535, while for those with total income between $60,000 and $79,999, the average contribution was $6,199.
The median employment income for contributors rose from $36,253 in 1997 (adjusted) to $37,700 in 1999. The median is the point at which half of the contributors fall below and half are above.
The largest group of RRSP contributors were those 35 to 44 years of age, followed by those 45 to 54. Each of these groups contributed 30% of the total dollars.
RRSP contributors
1999
| Number of contributors | Change from 1998 | Dollars contributed | Change from 1998 (adjusted) | |
|---|---|---|---|---|
| % | '000 | % | ||
| Canada | 6,207,190 | 1.3 | 27,789,265 | 2.6 |
| Newfoundland | 65,520 | 1.7 | 274,007 | 1.2 |
| Nova Scotia | 145,220 | 2.0 | 587,427 | -0.1 |
| Prince Edward Island | 21,070 | 1.3 | 81,028 | -1.4 |
| New Brunswick | 108,100 | 3.1 | 418,164 | 4.3 |
| Quebec | 1,456,950 | 2.9 | 5,889,684 | 4.2 |
| Ontario | 2,479,610 | 1.4 | 11,911,276 | 2.5 |
| Manitoba | 231,450 | 0.2 | 882,935 | 0.0 |
| Saskatchewan | 197,180 | -2.5 | 758,612 | -2.2 |
| Alberta | 664,340 | 0.8 | 3,109,245 | 3.5 |
| British Columbia | 822,640 | 0.2 | 3,800,575 | 1.7 |
| Yukon | 5,900 | 2.3 | 26,324 | -2.0 |
| Northwest Territories | 7,060 | 0.9 | 36,877 | -1.3 |
| Nunavut | 2,150 | 5.4 | 13,111 | 12.3 |
Databanks for RRSP contributors (17C0006, price is variable) and Canadian taxfilers (17C0010, price is variable) are available for Canada, the provinces and territories, cities, towns, Census Metropolitan Areas, Census Divisions, and areas as small as forward sortation areas (the first three characters of the postal code) and letter carrier routes.
For more information, or to enquire about the concepts, methods or data quality of this release, contact Client Services (613-951-9720; fax: 613-951-4745; saadinfo@statcan.gc.ca), Small Area and Administrative Data Division.