ICYMI: The RRSP has fallen from grace, but there are still plenty of good reasons to contribute — via financialpost RRSP benefits tips
In 2000, 6.3 million Canadians contributed to an RRSP and the median contribution was $2,700, according to Statistics Canada. By 2019, only 5.9 million people made RRSP contributions, with a median amount of $3,260. If RRSP contributions had simply kept pace with inflation, the median would have risen by over 22 per cent more to $3,858.
In recent years, cryptocurrency and non-fungible tokens have also emerged as alternative investments, especially for younger people. An Ipsos survey last year estimated Canadian cryptocurrency ownership at 14 per cent. Crypto and NFTs are not RRSP or TFSA eligible. Although foreign currency is a qualified investment for registered accounts, cryptocurrency does not qualify because it is not issued by a government.
Canadian cryptocurrency exchange traded funds provide investors with a way to leverage the tax benefits of their RRSP or TFSA.A dollar of RRSP contributions for someone with $75,000 of income saves between 28 and 38 cents of tax depending on the province or territory of residence. At $150,000, the marginal tax savings rate rises to 35 to 47 per cent.
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