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TFSAs (tax-free savings accounts) are now the most popular retirement savings vehicle with Canadians, says the Office of the Superintendent of Financial Institutions (OSFI), surpassing RRSPs (registered retirement savings plans). It reports that 7.9 million taxpayers contributed to a TFSA in 2015, representing 30 per cent of taxpayers, up from 4.5 million in 2009. Meanwhile, just 23 per cent of taxpayers, six million, contributed to an RRSP in 2015. While RRSP usage was steady for taxpayers over age 55 between 2005 and 2015, their usage by all younger age groups declined. By income category, RRSP usage only increased for those earning between $60,000 and $80,000. In every other category, it declined. Additionally, the data show that the proportion of active plan members in defined benefit plans declined from 81 per cent to 67 per cent over the last 10 years. DB coverage in the public sector rose as it dropped from 70 per cent to 42 per cent in the private sector since 2005.

Courtesy of Benefits and Pensions Monitor website News Alerts 


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