Is your RRSP contribution up to par?
According to Statistics Canada, RRSP contributions rose 5.3 per cent to $34.1 billion in 2007 with the following trends.
Newfoundland and Labrador
The highest percentage increase in the number of RRSP investors (up 5.3 per cent)
The largest increase in absolute number of RRSP investors, at almost 25,700 contributors, or 1.6 per cent.
The largest increase in the value of contributions at 12.8 per cent.
National Median RRSP Contribution
The median contribution was $2,780 in year 2007. The median was highest in the three territories, with Nunavut leading the way at $4,330 followed by the Northwest Territories at $3,600. Among census metropolitan areas, Calgary contributors had the highest median ($3,770), followed by those in Vancouver at $3,470 and Toronto at $3,300. The same three metropolitan areas have historically occupied the top three positions.
- Nunavut $4,330 (see average annual Nunavat household income)
- NWT $3,600 (see average annual NWT household income)
- Calgary $3,770 (see average annual Alberta household income)
- Vancouver $3,470 (see average annual BC household income)
- Toronto $3,300 (see average annual Ontario household income)
- National median $2,780 (see average annual national household income)
Reference: Statistics Canada
Maximum Annual RRSP Contribution Limit
The max contribution is18% of earned income up to $20,000 for 2008; $21,000 for 2009; and $22,000 for 2010.
For year 2009, my target for RRSP contribution is $21,000. So far, I contribute $380 this year.