I’m pinching these factoids directly off Canadian Capitalist who always has good things to say about money stuff – as varied as a discussion on QuickTax software to how the currency fluctuations hit or support our investment portfolio.
Here’s his quick-and-dirty factoid sheet about us Canadians and how we do (0r don’t, most of us) contribute to our RRSPs.
- Deadline for a contribution for the 2007 year: February 29, 2008
- Maximum contribution amount for 2007: $19,000
- Percentage of tax filers eligible to contribute to a RRSP*: 88%
- Percentage of eligible tax payers making a contribution*: 31%
- Percentage of contribution room used up*: 7%
- Median National contribution*: $2,730
- Average National contribution*: $5,221
In short, the vast majority of us don’t contribute at all; and of those who do, the vast majority don’t max out.
Why do you think that is?
And who do you think ARE maxing out – the really well off, or the middle-class frugal (ie manage to save $19K year)?
(for the record, this money coach has never managed to max out. It’s a goal, though, within the next 3 yrs)