Two-thirds of Canadian households saving for retirement

Sep 13 16:09 2017 Print This Article

TORONTO — Two-thirds of households are setting aside money for retirement, taking advantage of either a registered pension plan, an RRSP or a tax-free savings account, Statistics Canada said Wednesday as it released the latest batch of numbers from the 2016 census.

Of 14 million households, 65.2 per cent made a contribution in 2015 — the most recent year for which data was available — to one or more of the three major savings vehicles, an apparent counterpoint to the prevailing narrative that too many Canadians take a cavalier approach to retirement.

Different generations took different approaches: Major income earners aged 35 to 54 were prone to make use of registered pension plans and RRSPs, while those younger than 35 and those older than 54 were more likely to contribute to a TFSA.

Read More

About Article Author

Money Sense

MoneySense is a Canadian personal finance and lifestyle magazine published by Rogers Publishing Limited, a division of Rogers Communications.Written for Canadians who want to take financial control of their lives, MoneySense is Canada's best-selling investment and lifestyle magazine, helping readers make smart, informed decisions about how to get the most from their money. The magazine has received many awards, including multiple National Magazine Awards and CFA Society Toronto Awards.

Related Items

A starter TFSA with a few too many moving pieces

Me and My TFSA LIZ ENRIQUEZ AGE, 26 PLACE: Hamilton, Ont. TFSA TOTAL: $7,732 STRATEGY: Still looking for an easy, lost-cost growth strategy LIZ’S TFSA HOLDINGS Equities RBF1008 Global Bond Fund SR D                           $1,005 RBF1022 U.S. Equity Fund (Cdn.) Series ...

You can switch. Move your RRIF to us, save on fees

You’ve retired. You’re finally ready to loosen the purse strings and start spending the money in your Registered Retirement Income Fund (RRIF) on the things you love. I’m going to go out on a limb and suggest that you don’t want to spend a lot of that hard-earned cash on fees. With WealthBa ...

DP Weekly Wrap: No Holiday Surprises

Thanks mostly to a pop on Tuesday the market once again moved to new, all-time highs. Typical of holiday trading volume was lower than average, except for Tuesday, which had a surge confirming the price advance. Positive market action on a holiday week was no surprise, considering the persistent st ...

So What Happens in the Next Recession?

I’m not a macro economist by any stretch of the imagination and yet I cannot help wondering what is going to happen in terms of policy response the next time Canada goes into a downturn.  It is not a question of whether there will be another recession, only when. By policy response, I am of cour ...

November 23, 2017

Chris Bourke of Bloomberg wrote a piece about Australia’s housing market that interested me because of Canada’s presence in the charts: Click for Big That represents the failure of Canada’s housing policy since 2006 – the vast expansion of the CMHC insurance books has enabled the banks ...

Tax confusion: What’s deductible and what’s not

A penny saved is a penny earned. That’s one of the great truisms in life —and in personal finance. But I don’t think the Canada Revenue Agency (the CRA) entirely agrees with it.  To them, money spent on earning income is deductible, but money spent on ultimately saving money by arranging f ...