Pensions and retirement income programs

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  • 1. Recent trends in families' contributions to three registered savings accounts
    Articles and reports: 75F0002M2023008
    Description: Contributions to the Registered Pension Plan (RPP), the Registered Retirement Savings Plan (RRSP) and the Tax-Free Savings Account (TFSA) constitute the third pillar of the Canadian retirement income system. Survey data show that income withdrawn from the retirement system accounted for an increasing share of the total income for elderly Canadians. Assessing the health of the retirement income system is important, especially when it comes to the fund inflows. This paper attempts to see how many Canadian families participated in this pillar of the retirement income system, the amounts contributed to the registered accounts, and their participation and contribution trends over time.
    Release date: 2023-10-17
  • 2. Understanding the tax implications of Registered Retirement Savings Plans
    Articles and reports: 36-28-0001202200200002
    Description:

    A Registered Retirement Savings Plan (RRSP) is a tax-deductible savings vehicle designed to encourage people to save for their retirement. Contributions are made with pre-tax income, and taxation is deferred to the time when funds are withdrawn, typically in retirement when marginal tax rates are otherwise low, resulting in tax savings over the life cycle. However, RRSP funds do not lock in and there are no early withdrawal penalties by the tax system, which means pre-retirement withdrawals are frequent. This prevalence of pre-retirement RRSP withdrawals raises the question of what reasons, aside from retirement planning, lead people to use these plans. To explore this issue, new research by Statistics Canada and the Retirement and Savings Institute (RSI) at HEC Montréal considers how a person’s financial literacy affects the timing of contributions to and withdrawals from RRSPs.

    Release date: 2022-02-23
  • 3. Results from the 2016 Census: Examining the effect of public pension benefits on the low income of senior immigrants
    Articles and reports: 75-006-X201900100017
    Description:

    Among immigrants who came to Canada recently, some are seniors over the age of 65. This study examines the factors associated with the low-income rate of senior immigrants, with a focus on access to Old Age Security (OAS) and Guaranteed Income Supplement (GIS) benefits.

    Release date: 2019-12-03
  • 4. The Long-term Effects of Employer-sponsored Pension Plans on Non-workplace Returns on Investments Archived
    Articles and reports: 11F0019M2019001
    Description:

    What is the effect of having an employer-sponsored pension plan (EPP) on financial performance in non-workplace investments? This paper offers new insight into this unresolved empirical issue, using administrative data on over 345,000 taxfilers from Canada.

    Release date: 2019-01-14
  • 5. The Effects of Education on Canadians’ Retirement Savings Behaviour Archived
    Articles and reports: 11F0019M2017391
    Description:

    This paper assesses the extent to which education affects how Canadians save and accumulate wealth for retirement. The paper makes three contributions. First, a descriptive analysis is presented of differences in savings and home values across individuals based on their levels of educational attainment. To this end, new datasets that link survey respondents from the 1991 and 2006 censuses of Canada to their administrative tax records are used. These data provide a unique opportunity to jointly observe education, savings, home values, and a plethora of other factors of relevance. Second, the causal effect of high school completion on savings rates in tax-preferred accounts is estimated, exploiting compulsory schooling reforms in the identification. Third, building on a recent study by Messacar (2015), education is also found to affect how individuals re-optimize their savings rates in response to an automatic change in pension wealth accumulation. The implications of this study’s findings for the “nudge paradigm” in behavioural economics are discussed.

    Release date: 2017-03-27
  • 6. Trends in RRSP Contributions and Pre-retirement Withdrawals, 2000 to 2013 Archived
    Articles and reports: 11-626-X2016064
    Description:

    This article in the Economic Insights series presents an overview of recent trends in registered retirement savings plan (RRSP) use among Canadian taxfilers aged 25 to 54, from 2000 to 2013. The analysis centres on differences in RRSP contribution and withdrawal behaviour across income groups, and around the time that the tax free savings account (TFSA) was introduced.

    Release date: 2017-02-13
  • 7. Financial literacy and retirement planning Archived
    Articles and reports: 75-006-X201600114360
    Description:

    Using data from the 2014 Canadian Financial Capability Survey (CFCS), this article examines the extent to which individuals in the labour force are preparing for retirement and provides another perspective on the relationship between financial literacy and retirement planning.

    Release date: 2016-03-23
  • 8. Do Workplace Pensions Crowd Out Other Retirement Savings? Evidence from Canadian Tax Records Archived
    Articles and reports: 11F0019M2015371
    Description:

    This paper investigates whether registered pension plans (RPPs) help households prepare financially for retirement or simply substitute for other forms of private saving. This issue is addressed using a panel of 1.8 million Canadian households, from 1991 to 2010, which appear in the Longitudinal Administrative Databank. The analysis controls for correlations in savings across accounts due to unobserved tastes for saving by exploiting the fact that employer contribution rates increase discontinuously on earnings above the average industrial wage, a unique feature of occupational pensions in Canada, the effect being estimated in a Regression Kink Design.

    Release date: 2015-12-21
  • 9. Employer pensions and the wealth of Canadian families Archived
    Articles and reports: 75-006-X201500114134
    Description:

    This study compares the wealth holdings of family units covered by workplace pension plans with those of other family units. It focuses on families and unattached individuals who had no significant business equity and whose major income recipient was aged 30 to 54 and employed as a paid worker. The paper also examines whether wealth differences observed between families with registered pension plan (RPP) assets and other families persist when key sociodemographic differences between the two populations are taken into account.

    Release date: 2015-01-15
  • 10. New facts on pension coverage in Canada Archived
    Articles and reports: 75-006-X201400114120
    Description:

    This study examines the characteristics of Canadian workers aged 25 to 54 who are covered by defined benefit (DB) registered pension plans (RPPs) as well as those covered by defined contribution RPPs or hybrid plans. It does so by taking advantage of new data from the new Longitudinal and International Survey of Adults (LISA), first conducted in 2012.

    Release date: 2014-12-18
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  • 51. RRSP participation - The sooner the better Archived
    Articles and reports: 75-001-X19970012993
    Geography: Canada
    Description:

    How actively have young people been contributing to RRSPs? This article examines the rate of participation of 25 to 29 year-olds, their frequency of contribution, and average amounts deposited. Characteristics of RRSP contributors and the incidence of cash withdrawals are also examined.

    Release date: 1997-03-14
  • 52. Low incomes and RRSPs Archived
    Articles and reports: 75-001-X19970012994
    Geography: Canada
    Description:

    The rate of RRSP participation of persons with low incomes has been increasing since the early 1980s. This note explores the reasons for this and examines participation among men and women by personal and family income.

    Release date: 1997-03-14
  • 53. RRSP withdrawals revisited [Perspectives on Labour and Income] Archived
    Articles and reports: 75-001-X19960042921
    Geography: Canada
    Description:

    Despite improved economic conditions in recent years, Canadians have continued to cash in their RRSPs. This article looks at RRSP withdrawals during the 1990s, including those made through the Home Buyers' Plan. Who made these withdrawals, and for what reasons, and how will such behaviour affect immediate tax obligations and future retirement savings?

    Release date: 1996-12-03
  • 54. Dual-pensioner families Archived
    Articles and reports: 75-001-X19960032895
    Geography: Canada
    Description:

    The number of dual-earner couples increased in the 1980s, but has this translated to more dual-pensioner families in the 1990s? The growth of husband-wife couples with both spouses receiving private pension benefits is compared with that of their single- and no-pensioner counterparts. Sources of pension income are also analyzed.

    Release date: 1996-09-03
  • 55. Pension fact or fiction? Archived
    Articles and reports: 75-001-X19960022888
    Geography: Canada
    Description:

    This article challenges the notion that defined benefit registered pension plans have been abandoned in great numbers. It also examines why this perception has arisen and to what extent recent conversions to group RRSPs have contributed to this idea.

    Release date: 1996-06-05
  • 56. Who's saving for retirement? Archived
    Articles and reports: 75-001-X19950042455
    Geography: Canada
    Description:

    Current projections estimate that almost a quarter of the population will be 65 years or older by 2031. Ensuring that this group will have an adequate income has become an important concern. A look at the programs that now exist to help Canadians save for retirement, as well as who participates in them and how much is being saved.

    Release date: 1995-12-05
  • 57. RRSP - Unused opportunities Archived
    Articles and reports: 75-001-X19950042456
    Geography: Canada
    Description:

    This article provides previously unavailable information on RRSPs by tracking taxfilers' RRSP participation over a three-year period. It shows who contributed regularly, sporadically or not at all, and explores the extent to which individuals used their RRSP room.

    Release date: 1995-12-05
  • 58. Pension plan potpourri Archived
    Articles and reports: 75-001-X19950021599
    Geography: Canada
    Description:

    A focus not on the pension plans themselves, but on the members: how their pension accruals can be vastly different, how many earn relatively generous benefits and how many have much lower pension savings.

    Release date: 1995-06-01
  • 59. Update on RRSP contributions Archived
    Articles and reports: 75-001-X19950011779
    Geography: Canada
    Description:

    A look at the 1993 growth in the number of RRSP contributors and the amounts invested in this tax-assisted retirement savings program.

    Release date: 1995-03-08
  • 60. RRSP withdrawals Archived
    Articles and reports: 75-001-X19940015
    Geography: Canada
    Description:

    Many Canadians with RRSP savings are dipping into these funds before the "normal" retirement age. Who are they, and can their actions be linked to job losses resulting from the recession?

    Release date: 1994-03-02
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