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Last updated: February 18 2015
Where’s the Money?
Everyone anticipates bad news on Friday the 13th, but on February 13th, 2015 Statistics Canada actually released some good news!
Two reports were issued based on the 2013 tax filing years regarding Investments and Registered Retirement Savings Plan (RRSP) contributions for Canadian taxpayers who filed their returns.
RRSP Contributions
In 2013, 6 million Canadian taxpayers invested a total of $37.4 billion dollars into RRSPs helping to secure their retirement plans. This value is an increase of 4.8% over the previous year contributions and shows that 23.4% of all taxpayers contributed to an RRSP in 2013.
Across the country, the median contribution was $3,000, up approximately $70 per contributor over the prior year. Contributors increased most significantly in Alberta showing that 2.7% more individuals contributed to their plan.
Provincially Nunavut came in with the highest median contribution at $4,740 while Manitoba came in at the lowest with $2,360. As far as metropolitan areas are concerned, the money is in Calgary with a median contribution of $4,200 and Winnipeg’s median contribution brings up the rear at $2,330.
Investment Income Reported
Not all the money is invested within RRSPs. StatsCan also released a similar report identifying Investment Income reported on individual tax returns for the 2013 tax year.
Overall 30% of Canadian taxpayers reported non-registered investment income with a median value of $600 representing an increase of 8.5% over the prior year. In total, individual taxpayers reported a total of $66.7 billion earned in non-registered investments – up a significant 8.5% over 2012.
Alberta residents led the country with a median of $760 closely followed by British Columbia at $750. Within metropolitan areas, Victoria BC leads the country with median investment income reported of $1,040 being reported by 38.3% of the metropolitan area population.
See how your area did – the entire reports are published by The Daily and available at Statistics Canada for Friday February 13, 2015:
