The value of RRSP contributions rose in 2014, but the proportion of taxpayers using the accounts continued to decline, according data from Statistics Canada.
RRSP contributions totalled $38.6 billion in 2014, up 3.2% from 2013, StatsCan announced on Friday. The median contribution was $3,000, which was unchanged from 2013.
Despite the increase in total contributions, the number of taxpayers that contributed to an RRSP remained flat at just under 6 million, StatsCan says. As well, the percentage of taxpayers contributing to an RRSP declined to 23.0% in 2014 from 23.4% in 2013 and 23.7% in 2012.
The number of taxpayers making contributions has essentially been flat since 2009, StatsCan says, and remains below the peak in 2007.
Separately, the agency reported that taxpayers reported higher investment income (defined as dividend income plus interest income in non-registered accounts) in 2014, but the proportion of taxpayers generating investment income declined year over year.
The aggregate value of reported investment income rose 0.4% to $68.3 billion, StatsCan says. Median investment income increased from $610 in 2013 to $620 in 2014, it notes.
The number of taxpayers reporting investment income in 2014 also rose by 0.4% to more than 7.6 million. However, the proportion of taxpayers earning some investment income declined to 29.6% in 2014 from 30.0% in 2013.