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The age group of 45 to 54 years remained the most certainly to contribute, with 36.4 p.c doing so. Nevertheless, the age teams of 55 to 64 years and 45 to 54 years skilled probably the most substantial decreases in complete RRSP contributions, main the general downturn.
Apparently, the one age teams to see a rise in complete RRSP contributions have been the youngest, 0 to 24 years and 25 to 34 years.
Revenue additionally influenced RRSP contributions, with the proportion of contributors various considerably throughout earnings brackets. In 2022, this ranged from 1.7 p.c amongst tax filers with incomes under $20,000 to 66.2 p.c for these incomes between $200,000 and $499,999.
Median RRSP contributions decreased or remained static for all however the two highest earnings teams. For tax filers incomes between $500,000 to $999,999 and people with incomes of $1,000,000 and over, median contributions rose to $29,210, the utmost quantity claimable for the tax yr.
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