Canada. 50% of tax filers participate in a private retirement savings plan

Just over 8.9 million employed Canadian tax filers participated in a private retirement savings plan in 2008, about 50% of all tax filers. This proportion was down from 54% in 1997.

There was a decrease in the share of employed tax filers who contributed to a Registered Retirement Savings Plan (RRSP) during the decade. In 1997, 41% of employed tax filers participated in an RRSP; by 2008, this proportion had declined to 34%. At the same time, the share of employed tax filers participating in employer-sponsored pension plans (EPP) remained stable at 32%.

Just over 5.7 million employed tax filers participated in an EPP in 2008. Women slightly outnumbered men.

During the decade, rates of participation in EPPs increased for women and declined for men. For women, rates rose from 32% in 1997 to 34% in 2008, while among men, they dropped from 33% to 31%.

In terms of age groups, participation rates in private retirement savings plans were highest for workers between the prime working ages of 35 and 54: about 63% of these workers participated in such a plan in 2008.

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