RRSP contributions fell in 2008

The number of people investing intheir registered retirement savings plans as well as the amounts they're putting into them dropped in 2008, Statistics Canada said Monday.

Just under 6.2 million tax filers contributed to the plans in 2008, down 1.8 per centfrom 2007.Among investors, the value of depositsdeclined by about 2.2 per centto $33.3 billion, Statistics Canada said.

Regionally, Newfoundland and Labrador and Saskatchewan were the only two provinces showing gains in the number of contributors in 2008.

Although the number of savers declined by 0.3 per cent to 103,670 in New Brunswick, the total value of deposits increased by 10.9 per cent $535.8 million.

The $33.3 billion in RRSP contributions represented about 5.3 per centof the total room available to eligible tax filers, down fromsix per centin the previous year.

The other regions to post increases in the total value of deposits were:

• Saskatchewan, where deposits were 5.1 per cent higher to $942 million.
• Newfoundland and Labrador, where deposits were2.7 per cent higher to $331 million.
• Nunavut, where deposits were worth$13.8 million, up7.5 per cent.

Nationally, the median contribution was $2,700. The median was highest in the three territories, with Nunavut leading the way at $4,500, followed by the Northwest Territories at $3,600.

Among census metropolitan areas, Calgarians had the highest median contribution, at$3,750, followed by those in Vancouver at $3,300 and Toronto at $3,200.

The same three metropolitan areas have historically occupied the top three positions.