Retirement savings in Canada — by the numbers
Posted: Feb 29, 2012 5:18 AM ET
Last Updated: Mar 1, 2012 8:21 AM ET
Saving for retirement is a lengthy process and often involves utilizing contributions to both a registered retirement savings plan (RRSP) and a tax-free savings account (TFSA).
However, statistics show Canadians are saving less than four per cent of their disposable income and, despite the billions of dollars invested in RRSPs and TFSAs, have plenty of room to add more to their retirement nest eggs.
CBC News has compiled a number of important figures on retirement and financial planning in Canada. All figures are from Statistics Canada unless otherwise indicated.
5,956,010 — number of Canadians who contributed to an RRSP in 2010.
26% — percentage of eligible tax filers who contributed to an RRSP in 2010.
$33.9 billion — total RRSP contributions in 2010 (up from $33 billion in 2009).
$717 billion — total amount Canadians were entitled to contribute in 2010 (up from $671 billion in 2009).
$632.9 billion — total unused RRSP contribution room.
21 million — number of Canadians with unused RRSP contributions in 2010.
$2,790 — median RRSP contribution in Canada in 2010 (up from $2,680 in 2009).
$4,900 — highest median RRSP contribution in 2010 (Nunavut).
$2,300 — lowest median RRSP contribution (Nova Scotia and Manitoba tied for lowest).
$22,000 — maximum allowable RRSP contribution per person in 2010.
$330,095 — amount in an RRSP at age 65 if a person started contributing $2,000 every year from age 25 (assuming six per cent compound annual growth), according to Fiscal Agents investment calculator.
$169,603 — amount in an RRSP at age 65 if a person started contributing $2,000 every year from age 35 (assuming six per cent compound annual growth), according to Fiscal Agents.
$79,985 — amount in an RRSP at age 65 if a person started contributing $2,000 every year from age 45 (assuming six per cent compound annual growth), according to Fiscal Agents.
$54.4 billion — value of tax-free savings accounts in Canada as of June 2011, according to to data from the consulting firm Investor Economics.
$39.2 billion — value of TFSAs in Canada at the end of 2010, according to Investor Economics .
8.56 million — number of TFSAs in Canada as of June 2011, according to Investor Economics.
$6,354 — average account holding for TFSA as of June 2011, according to Investor Economics.
$15,000 — amount Canadians could have put into a TFSA by 2011($5,000 each year).
6.7 million — number of Canadians who have opened a TFSA as of August 2011, according to Investor Economics.
16 — years an average 50-year-old Canadian in 2008 could expect to work before retiring.
12.5 — years an average 50-year-old Canadian in 1993 could expect to work before retiring.
79/83 — average life expectancy age of men and women, respectively, in 2008.
$37,200 — average 2009 income for an elderly family (defined as one in which the major earner is 65 or older).
3.5% — percentage of personal disposable income Canadians save (as of third quarter of 2011).
20.2% — peak personal savings rate for Canadians to date (achieved in 1982).
150.8% — household debt (including consumer credit, mortgage and loan debt) as percentage of disposable income (as of third quarter of 2011). This means for every $1,000 in after-tax income, Canadian households owe $1,508.
Top News Headlines
- Spectator killed at Edmonton Jeep event
- A 20-year-old woman died Saturday during an event for Jeep enthusiasts held in a parking lot just west of downtown Edmonton. more »
- Rescue attempt over for New Brunswick fishermen
- The rescue attempt for two missing fishermen has been called off in New Brunswick, hours after one body was found. more »
- Astronaut Chris Hadfield adjusts to 'earthling' life
- Canada's space ambassador, Chris Hadfield, is still readapting to life on this planet after spending 146 days in zero gravity as commander of the International Space Station. For now, though, he's taking his homecoming one step at a time. more »
- Afghan legislators block law protecting women
- An Afghan legislator says conservative lawmakers have blocked approval of a law that aims to protect women's freedoms, saying parts of it violate Islamic principles. more »
Latest Business Headlines
- 1 year later, Facebook stock remains below IPO price
- A year after Facebook's high profile IPO, investors are still skeptical about its prospects and the stock price is wallowing. more »
- IRS's integrity at stake in scandal over screening of conservative groups
- Unloved in the best of times, the Internal Revenue Service will have to scramble to convince U.S. lawmakers and the public that its intentions were pure, not partisan, when it subjected groups affiliated with the Tea Party movement and other conservative causes to special scrutiny. more »
- GM shares close above IPO price for 1st time in 2 years
- Shares of General Motors reached an important milestone on Friday, closing above their initial public offering price of $33 US for the first time in more than two years. The day wasn't bad for GM's rivals either, with Ford shares closing above $15 for the first time since May 2011 and Toyota, Honda and Nissan all hitting 52-week intraday highs. more »
- AECL to cost $236M more than expected this year
- A new report from the parliamentary budget officer shows Atomic Energy of Canada Ltd. continues to be a drain on the public purse and will cost an additional $236 million this year. more »
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.