How does your RRSP compare?

Per the most recent published Statistics Canada Survey of Financial Security (SFS, reference period 2019; SFS 2023 was released October 29, 2024 with comparable methodology): under 35 — mean $41,000, median $12,500; 35–44 — mean $82,100, median $30,000; 45–54 — mean $150,300, median $70,000; 55–64 — mean $216,900, median $100,000; 65+ — mean $224,000, median $100,000. Figures include RRSP, RRIF and Locked-In Retirement Accounts (LIRA). The mean is significantly higher than the median because a small number of large balances pull the average up — the median is the better benchmark for a typical household.

Canadians aged 35–44 had a median RRSP balance of $30,000 and a mean of $82,100 per Statistics Canada SFS (2019 reference period). The wide gap between median and mean reflects the small share of high-income earners who maximise RRSPs every year, pulling the average upward. A 40-year-old earning $80,000 generates roughly $14,400 of new RRSP room per year (18% rule) — enough to comfortably outpace the median balance within a decade of consistent contributions.

The 45–54 age group had a median RRSP balance of $70,000 and a mean of $150,300 (Statistics Canada SFS, 2019 reference period). For households planning a 25-year retirement at 65, the typical retirement-planning benchmark suggests roughly 4–6× annual income by age 50 — meaning a Canadian earning $100,000 should be targeting $400,000–$600,000 in combined registered retirement savings by 50. The published median is well below most household targets.

Canadians aged 55–64 had a median RRSP balance of $100,000 and a mean of $216,900 (SFS 2019). This is the band where catch-up contributions matter most: prior-year unused RRSP room carries forward indefinitely, so a 55-year-old with $50,000 of unused room can contribute that on top of the current-year 18% room. Larger contributions in the final pre-retirement decade also have the biggest immediate tax effect because incomes tend to peak in the 50s.

At age 65+, the median RRSP/RRIF/LIRA balance is $100,000 and the mean is $224,000 (SFS 2019). By age 71, RRSPs must be converted to a RRIF (Registered Retirement Income Fund) or annuitised; minimum mandatory withdrawals begin the following year. The published medians are far below ASFA-style "comfortable retirement" benchmarks (often $700,000+ for a single retiree), but most Canadians supplement RRSP/RRIF withdrawals with CPP, OAS, employer pensions and home equity — RRSP balances alone do not represent the full retirement picture.

The 2026 RRSP dollar limit is $33,810. Personal limit is the lesser of 18% of your previous-year earned income or $33,810, plus any unused room carried forward from prior years, minus any pension adjustment (PA) from a registered pension plan. The CRA reports your exact limit on each Notice of Assessment and in CRA My Account. The 2025 tax-year contribution deadline is March 2, 2026 — the standard "60-day rule."

The CRA allows a $2,000 lifetime cushion — contributions above your deduction limit by up to $2,000 do not attract a penalty, but they are not deductible. Above the $2,000 cushion, the over-contribution attracts a 1%-per-month tax for as long as the excess remains in the RRSP. Withdraw the excess and complete Form T3012A (Tax Deduction Waiver on the Refund of Your Unused RRSP, PRPP or SPP Contributions) to avoid double-taxation, or Form T746 if the excess has already been withdrawn. Relief from the penalty under taxpayer-fairness provisions is discretionary.

The short rule: max the RRSP first if your current marginal tax rate is materially higher than your expected rate in retirement (the deduction saves more tax now than the withdrawal will cost later). Max the TFSA first if the opposite is true. For a Canadian in the middle bracket (around $55,000–$112,000 federal taxable income, ~30% combined), the two are often near-equivalent on after-tax math; the tie-breaker is usually the TFSA, because withdrawals do not affect OAS clawback or GIS. See our RRSP vs TFSA comparison page for a worked after-tax example.