Average RRSP Balance by Age in Canada (2026)

How does your RRSP compare to other Canadians? This guide breaks down what Statistics Canada’s own survey data shows about RRSP balances and contributions by age, alongside a simple planning benchmark.

The most useful way to read these numbers is as a benchmark beside am I saving enough for retirement in Canada and how much do I need to retire in Canada, not as a scorecard. Where new savings should go is compared in TFSA vs RRSP for beginners, and the rest of the RRSP guides are in the RRSP and RRIF guide directory.

What Statistics Canada’s data actually shows

The most recent breakdown of registered savings by age comes from Statistics Canada’s Survey of Financial Security (2023). The figures are for family units (families and people living alone) that hold RRSPs, RRIFs or LIRAs, grouped by the age of the major income earner:

Source: Statistics Canada, Survey of Financial Security, Table 11-10-0016-01, 2023 (in 2023 dollars). Averages and medians are for family units holding the asset. The survey is conducted every few years, not annually, so current balances will differ after later market growth and inflation.

The gap between average and median is the most important thing here. At age 55 to 64, the average holding ($266,000) is 2.2 times the median ($120,000): the average is pulled up by a relatively small number of high-balance households. If you’re comparing yourself to these numbers, the median is the more realistic benchmark for “typical,” while the average tells you more about the overall pool of savings.

A simple planning benchmark

Statistics Canada’s data tells you what Canadians actually have; it doesn’t tell you what you should have. A commonly used illustrative shortcut, expressed as a multiple of your salary, is one way to set a personal target:

Treat this as a rough planning guide, not a validated benchmark. It assumes the RRSP is your primary retirement vehicle: if you have a defined benefit pension, substantial TFSA savings, or other assets, your realistic RRSP target is likely lower. A commonly cited industry rule of thumb for total retirement savings across all accounts is Fidelity’s guideline of 10 times your pre-retirement income by age 67.

How much Canadians actually contribute to RRSPs each year

Statistics Canada publishes contribution data from tax returns. For the 2023 tax year, among tax filers who contributed to an RRSP (and not also a TFSA that year):

Source: Statistics Canada, “RRSP, TFSA and FHSA Contributions, 2023,” released April 1, 2025 (Table 5). Figures cover the 3,807,620 tax filers who reported RRSP-only contributions (not also a TFSA contribution) that year, not all tax filers. The average is total contributions divided by the number of contributors; Statistics Canada publishes the total and the median.

As with the balance data, the average is well above the median at every age: a relatively small number of large contributions pull the average up, while most contributors put in a more modest amount.

How many Canadians contribute to an RRSP at all

In 2023, 6,350,070 tax filers contributed to an RRSP, out of 29,965,100 tax filers in Canada that year, a participation rate of about 21%. This measures who contributed that specific year, not who holds any RRSP balance at all; plenty of people hold RRSP assets built up from past contributions without contributing every single year.

Contributions are concentrated among higher earners. 54.0% of RRSP contributors had a total income of $80,000 or more, and the median contribution ranged from $1,060 for contributors with income under $20,000 to $6,810 for those with $80,000 or more.

Why RRSP balances vary so much

Several factors explain the wide range in RRSP balances beyond just age:

Income level and the tax deduction: the RRSP deduction is worth your marginal tax rate, so it is worth more at higher incomes. In Ontario in 2026, each dollar deducted by someone earning $150,000 saves about 43.41 cents (the federal 26% rate plus Ontario’s 11.16% rate grossed up by the Ontario surtax), against 29.65 cents for someone earning $70,000. A $10,000 contribution therefore saves about $4,341 in tax at $150,000 and about $2,965 at $70,000. (Both incomes stay inside a single set of brackets across the $10,000 deduction. At lower Ontario incomes the saving also depends on the Ontario Health Premium and the LIFT credit, so it isn’t a single rate.)

Self-employed vs. employed: self-employed Canadians have no employer pension plan, so personal savings such as an RRSP may be their main retirement vehicle, while employees with a workplace pension have part of their retirement saving outside the RRSP (and a pension adjustment that reduces their RRSP room).

Homeownership: many Canadians withdraw from their RRSP via the Home Buyers’ Plan (HBP), which reduces the balance (though it’s meant to be repaid over time).

How to catch up on RRSP savings

If you’re behind these benchmarks, a few practical levers:

1. Capture any employer RRSP match: it adds money you wouldn’t otherwise receive.
2. Use unused contribution room: check your exact figure via CRA My Account or the RRSP contribution room calculator; catching up gradually still helps.
3. Reinvest your tax refund: contributing the refund back to your RRSP or TFSA compounds the benefit.
4. Automate contributions: regular transfers aligned with payday reduce the temptation to skip.
5. Consider a spousal RRSP: if one spouse earns significantly more, see the spousal RRSP guide for how to income-split in retirement.

Related pages

• RRSP Calculator
• RRSP Contribution Limit
• RRSP vs TFSA Calculator
• RRSP Withdrawal Rules
• How Much to Retire in Canada