As today’s RRSP deadline hangs overhead, Nunavut retirees-to-be are Canada’s keenest contributors, according to tax-filing software maker TurboTax.
Chalk it up to saving funds to escape the cold in retirement or tackling the absurdly high grocery bills – either way, people from Nunavut top the rankings for highest average RRSP contributions across Canada nearly doubling the typical Canadian contribution of $5,461.06 by earmarking an average $9,372.00.
The closest second is Yukoners, who set aside an average of $6,774.84 this year. Albertans trail a bit further behind, contributing an average of $6,097.96.
The software maker has also found only one in five Canadians filing taxes through its platform have contributed to their RRSP.
City-to-city, Torontonians lead the pack contributing an average of $8,074.21. Calgarians follow, putting $7,487.34 into their RRSPs and Vancouverites are stashing an average of $7,079.38 this year.
Unsurprisingly, Baby Boomers are the most avid savers contributing $7,771.16. Mid-career Gen-Xers have saved a $5,623.45 this year and Millennials have stockpiled $3,966.69.
All this isn’t to say Canadians aren’t retirement ready, some just aren’t feeling the RRSP vibe. According to a survey by CIBC, 54 per cent of Canadians won’t be stashing their retirement savings in an RRSP.
Part of the reason could be the rise in Tax-Free Savings Accounts (TFSA), which Canadians plan to contribute an average of $4,884 to, according to BMO.