Last Updated: April 2026
RRSP & TFSA Statistics 2026: Contribution Rates, Room Used & Savings Data
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are the two most important tax-advantaged savings vehicles available to Canadians. Despite their benefits, most Canadians leave significant contribution room unused each year. This page compiles current RRSP and TFSA statistics from Statistics Canada, the Canada Revenue Agency, and the Canadian Institute for Financial Planning — revealing how Canadians are actually using (and underusing) these powerful tax shelters.
$95,000
Maximum cumulative TFSA contribution room for a Canadian who has been eligible since the TFSA's inception in 2009 (as of 2024)
— Canada Revenue Agency, TFSA Contribution Limits, 2024
RRSP Overview
$31,560
RRSP contribution limit for 2024 — the annual maximum, subject to 18% of prior year earned income
— Canada Revenue Agency, RRSP Limits, 2024
18%
RRSP contribution limit as a percentage of previous year's earned income (whichever is lower: 18% of income or the dollar limit)
— Income Tax Act, s.146; CRA, 2024
~15.7M
Number of Canadians with an RRSP account as of 2022 — approximately 57% of tax filers aged 18–71
— Statistics Canada, RRSP Statistics, 2023
December 31
RRSP must be converted to a RRIF or annuity by December 31 of the year you turn 71
— Income Tax Act, s.146(2)(b); CRA
RRSP Contributions & Room
~$48B
Total RRSP contributions made by Canadians in 2022 tax year
— Statistics Canada, RRSP Contributions, 2023
$3,800
Median RRSP contribution amount per contributor in Canada in 2022
— Statistics Canada, RRSP Statistics, 2023
~$1.1T
Total unused RRSP contribution room carried forward by Canadians — a massive untapped tax shelter
— CRA Tax Statistics on Individuals, 2023
~27%
Share of RRSP contributors who maximize their annual contribution limit each year
— Statistics Canada, Pension and Wealth Survey, 2023
February 29
RRSP contribution deadline for the 2024 tax year (60 days after December 31, 2024) — contributions after this date count in 2025
— Canada Revenue Agency, 2024
$2,000
Lifetime over-contribution buffer allowed before CRA's 1% per month penalty kicks in on excess RRSP contributions
— Income Tax Act, s.204.1; CRA, 2024
RRSP Balances & Holdings
~$144,000
Average RRSP balance among Canadians aged 55–64 approaching retirement — median is significantly lower at ~$68,000
— Statistics Canada, Survey of Financial Security, 2023
~$65,000
Average RRSP balance across all age groups for Canadians with an RRSP
— Statistics Canada, RRSP Statistics, 2023
$1.8T+
Total assets held in Canadian RRSP/RRIF accounts as of 2023
— Statistics Canada, National Balance Sheet Accounts, 2023
~55%
Share of RRSP assets held in mutual funds — the most common RRSP investment vehicle for retail investors
— Investment Funds Institute of Canada (IFIC), 2023
TFSA Overview
$7,000
Annual TFSA contribution limit for 2024 — indexed to inflation in $500 increments
— Canada Revenue Agency, TFSA Limits, 2024
2009
Year the TFSA was introduced in Canada — the most significant new savings vehicle since the RRSP in 1957
— Finance Canada, Budget 2008
~16.8M
Number of Canadians with at least one TFSA account as of 2022
— CRA TFSA Statistics, 2023
18
Minimum age to open a TFSA in Canada — contribution room accumulates from age 18 even if no account is opened
— Income Tax Act, s.207.01; CRA
TFSA Contributions & Room
~$35B
Total TFSA contributions made by Canadians in 2022 tax year
— CRA TFSA Statistics, 2023
~$500B+
Estimated total unused TFSA contribution room across all eligible Canadians — an enormous untapped tax shelter
— CRA TFSA Statistics, 2023
~20%
Share of TFSA holders who fully maximize contributions each year
— Statistics Canada, Canadian Financial Capability Survey, 2023
1%/month
CRA penalty on excess TFSA contributions — over-contributions are penalized monthly and must be corrected promptly
— Income Tax Act, s.207.02; CRA
January 1
Withdrawn TFSA amounts are added back to contribution room on January 1 of the following year — unlike RRSP withdrawals, room is never lost
— Income Tax Act, s.207.01; CRA, 2024
TFSA Balances & Usage
~$34,000
Average TFSA fair market value per holder in 2022
— CRA TFSA Statistics, 2023
~$490B+
Total assets held in Canadian TFSAs as of 2023
— Statistics Canada, National Balance Sheet Accounts, 2023
~44%
Share of Canadians who use their TFSA primarily as a savings account rather than an investment account — forgoing tax-sheltered investment growth
— Statistics Canada, Canadian Financial Capability Survey, 2023
~22%
Share of TFSA holders who hold equities or ETFs inside the account — a minority despite superior long-term growth potential
— CRA TFSA Statistics / SEDAR analysis, 2023
Demographics & Income Splits
$12,500+
Average RRSP contribution for Canadians earning over $250,000 — 4x higher than median earners
— CRA Tax Statistics on Individuals, 2023
~37%
Share of Canadians aged 18–34 who have a TFSA — adoption is lower among younger cohorts despite the tax-free growth advantage
— Statistics Canada, Canadian Financial Capability Survey, 2023
~68%
Share of Canadians aged 45–64 who hold an RRSP — the highest adoption rate of any age cohort
— Statistics Canada, Survey of Financial Security, 2023
~$44B
Estimated value of RRSP tax deductions claimed annually — a major tax expenditure for the federal government
— Finance Canada, Tax Expenditures Report, 2024
Frequently Asked Questions
What is the RRSP contribution limit for 2024?
The 2024 RRSP contribution limit is $31,560 — the maximum annual amount you can contribute based on the dollar limit. However, your actual limit is also capped at 18% of your 2023 earned income. You can check your exact available contribution room on your CRA My Account or on your prior year's Notice of Assessment. Unused room carries forward indefinitely.
What is the TFSA limit for 2024 and cumulative room since 2009?
The annual TFSA limit for 2024 is $7,000. For Canadians who have been eligible since the TFSA's introduction in 2009 and have never contributed, cumulative room is $95,000 as of 2024. Contribution room accumulates each year starting at age 18, and withdrawn amounts are re-added to your room on January 1 of the following year.
Should you prioritize RRSP or TFSA contributions?
The general rule: RRSP is more valuable if you're in a high marginal tax bracket now and expect to withdraw in a lower bracket in retirement. TFSA is more valuable if you're in a low bracket now, expect a higher bracket in retirement, or value flexibility (TFSA withdrawals don't affect income-tested benefits like OAS or GIS). Many Canadians benefit from contributing to both, using RRSP refunds to fund TFSA contributions.
What happens to RRSP contribution room when you withdraw early?
Unlike TFSAs, RRSP withdrawals are permanently lost as contribution room — you cannot re-contribute amounts you've withdrawn (unless using the Home Buyers' Plan or Lifelong Learning Plan, which have repayment rules). RRSP withdrawals are also fully taxable as income in the year of withdrawal, and withholding tax applies at the source (10–30% depending on amount).
How much unused RRSP and TFSA room do Canadians have collectively?
The figures are staggering. Canadians collectively hold approximately $1.1 trillion in unused RRSP room and over $500 billion in unused TFSA room. Most Canadians never fully use these tax shelters — only about 27% of RRSP contributors and 20% of TFSA holders maximize their annual limits. This represents an enormous missed opportunity for tax-sheltered compound growth.
Cite This Page
Capital Tax Brief. "RRSP & TFSA Statistics 2026: Contribution Rates, Room Used & Savings Data." capitaltaxbrief.com/stats/rrsp-tfsa-statistics-2026.html. Last updated April 2026.