Even though the RSP season for the last tax year ended about a week ago, we received some information on how residents of this province look at this particular savings vehicle.
StatsCan has compiled data from the 2017 taxation year and compared it to previous reports. We don’t yet have last year’s data because tax filing data isn’t submitted until the end of April.
But what we do know is that fewer people are choosing RSPs as a retirement savings option. And this comes in the face of the fact that our population is growing. There are more of us, so it would be logical that there would be more RSP contributors. But that’s not what happened.
From 2013-2017, the number of tax filers rose by more than 26,000. But the number of people who were RSP contributors fell by 10,000 to 182,000. In other words, almost one-quarter of Saskatchewan residents were putting money into an RSP in 2017.
RSP eligibility is based on employment income. And, on that count, the median income of contributors was in the neighbourhood of $64,000 – the highest in five years.