Registered retirement savings plan participation patterns in 2022 return to pre-COVID-19 pandemic trends
In 2022, tax filers contributed a total of $54.2 billion to registered retirement savings plans (RRSPs), down 3.4% from 2021. This decline in annual contributions followed increases in 2020 (+13.1%) and in 2021 (+12.2%) and reflects broader movements in household savings over this period.
The proportion of tax filers making an RRSP contribution (-0.7 percentage points to 21.7%) also decreased in 2022, resuming a 12-year (2008 to 2019) downward trend that paused during 2020 and 2021, when household savings peaked early in the COVID-19 pandemic.
Meanwhile, the median RRSP contribution has been increasing since 2010 and reached $3,910 (+0.5%) in 2022.
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