RRSPs Down, TFSAs Up

Recent RRSP & TFSA savings statistics show that only 26% of eligible taxfilers contributed to an RRSP in 2010, but this dropped to 24%  in 2011.

Canadians left lots of unused contribution room on the table in 2010 – $632.9 billion – but even more in 2011 when the figure was $683.6 billion. Good news, the median RRSP contribution was $2830 in 2011, up from $2790 in 2010. Highest median contribution was $4750 in Nunavut; lowest was $2310 in Manitoba.¹

How are accumulations faring in the RRSPs? Total median assets in Canadian RRSPs in 2011 was $775 billion, which is down from $782 Billion in 2010. The value of TFSA in June 2012 was $73.9 billion, on the other hand, up from $54.4 billion a year earlier. There were 10 million TFSAs in Canada, up from 8.56 million the year before, with the average account holding being $7400 up from $6354; showing good growth at 16%.²  

¹ These statistics according to Statistics Canada.
² These statistics according to Investor Economics.