Savings

Despite the innumerable costs associated with keeping a family functional, saving money for retirement moved up on the priority list for many Canadian families in 2001. Still, fewer Canadian taxfilers contributed less money to their registered retirement savings plans (RRSPs) in 2001. However, the declines came on the heels of record-high levels for both contributions and contributors in 2000. In total, 6,241,050 taxfilers contributed just over $28.4 billion in 2001 compared to 6,291,170 tax filers who contributed almost $29.3 billion in 2000. The median contribution declined from $2,700 in 2000 to $2,600 in 2001. (The median is the point at which half of taxfilers are below and half are above.)

Contributions declined in all provinces and territories except for the Northwest Territories (+4.1%) and Nunavut (+1.9%). The largest declines were in the eastern provinces. The number of contributors also declined, except for small increases in Quebec, Alberta, the Northwest Territories and Nunavut. About 36% of those with room in Alberta made contributions, as did 35% in Ontario and 34% in Quebec, Manitoba and British Columbia; these were the highest among the provinces and territories.