Paul Martin's Business Update - March 26th, 2014
Paul Martin's Business Update - March 26th, 2014
A little over $200 a month.
That’s how much the average taxpayer in this province put into an RSP in 2012. We don’t have 2013 information yet because this information is drawn from tax returns and the deadline for filing for last year has not yet arrived. So this is the most current data that is available.
The analysis from 2012 showed the average contribution went up in this province – increasing nearly three percent.
Now, not all of us make a contribution to a registered retirement plan. 190,000 of us used this tax-assisted vehicle. At less than 25 per cent, that is a relatively modest percentage of the tax-paying population yet it is third best in the nation.
The median contribution in Saskatchewan was in the neighborhood of $2,800, slightly higher than the median in the two major cities which stood at roughly $2,700. With all the noise about Canadians not putting enough aside for life after work, these figures add a bit more weight to the concerns that not all of us will be in a position to fund the retirement we dream about.
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