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More tax filers contributed towards a Tax-Free Savings Account (TFSA), and in larger amounts, than to a Registered Retirement Savings Plan (RRSP) in 2023, according to data released by Statistics Canada on Tuesday.

Of the 11.3 million people who contributed to either account, 5 million contributed to a TFSA, with a $6,500 median contribution, and 3.8 million contributed solely to an RRSP, with a $3,420 median contribution.

The 2.5 million who contributed to both registered accounts did so with median contributions of $5,000 in their RRSP and $6,150 in their TFSA.

Of the 6.3 million tax filers who contributed to RRSPs, 54% had a total income of over $80,000 and 55% came from tax filers aged between 45 and 64 years old.

Conversely, 66% of those who contributed to a TFSA earned less than $80,000 and there were no significant decreases in TFSA contributions among older tax filers.

The First Home Savings Account (FHSA) launched in April 2023, and StatCan data show the largest group of contributors was younger people with higher incomes. Of the 484,320 tax filers who contributed in the program’s first year, 61% earned over $60,000 and 57% were aged 25 to 34. The median contribution for all contributors was the annual maximum of $8,000.