Feb 13, 2017

By Michael Kramer

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R-R-S-P contributions by Canadians aged 25 to 54 – saw a steady decline from 2000 to 2013 — but a new report says the reason is uncertain.

The Statistics Canada report says the number of annual R-R-S-P contributors who were among those in their prime working years – fell 16 per cent in that time period – while the value of annual contributions by the same group dropped about 26 per cent – after being adjusted for inflation.

Two of the largest contribution declines were in 2008 and 2009 – which was during the height of the financial crisis – and when tax-free savings accounts (TFSA’s) were introduced.

But the report says whether the trend was caused by results from factors such as the recent economic recession – shifts toward other means of accumulating wealth such as home equity – or for entirely different reasons – is still to be determined.

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