RRSP con­tri­bu­tions by those in prime years down from 2000 to 2013

Cape Breton Post - - HEALTH/LIFESTYLES/BUSINESS -

OT­TAWA - The num­ber of Cana­di­ans in their prime-work­ing years that contributed to their RRSP ac­counts steadily de­clined from 2000 to 2013, ac­cord­ing to a re­port by Statis­tics Canada. The re­port re­leased Mon­day noted that two of the largest con­tri­bu­tion de­clines were in 2008 and 2009, which was the same time as the fi­nan­cial cri­sis and the in­tro­duc­tion of tax-free sav­ings ac­counts. But whether this trend re­sults from fac­tors such as the re­cent eco­nomic re­ces­sion, shifts to­ward other means of wealth ac­cu­mu­la­tion - in­clud­ing home eq­uity - or en­tirely dif­fer­ent rea­sons is an open ques­tion, the re­port said. The re­port said among in­di­vid­u­als aged 25 to 54 the num­ber of an­nual RRSP con­trib­u­tors fell 16 per cent be­tween 2000 and 2013.

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