The Daily Tuesday, April 1, 2025
Press Release
RRSP, TFSA and FHSA Contributions, 2023
In 2023, 11.3 million tax filers contributed to either a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA). Less than half a million tax filers contributed to a First Home Savings Account (FHSA) in that year.
Annual wages, salaries and commissions of T1 tax filers, 2023
In 2023, tax filers reported earning a national median wage of $47,650, a 1.1% increase from 2022 after adjusting for a 3.9% annual rate of inflation. This elevated rate of inflation slowed growth in real annual wages, salaries and commissions.
Charitable donors, 2023
Following the decreases seen in 2022, charitable donations rose significantly in 2023, with increases in both the number of donors and amount of donations. In 2023, there were just over 5 million (+1.9%) tax filers who reported a total of $12.8 billion in charitable donations, a $1.4 billion (+11.8%) increase over 2022. In addition, the median donation increased by 2.6% during this period to $390.
Update on self-employment and business ownership in Canada, 2006 to 2020
Entrepreneurial activity has long been recognized as a key driver of innovation, job creation and productivity growth. A new study, released today, examines how the significant economic shifts and challenges Canada has faced since the mid-2000s—such as the global oil price drop beginning in 2014, the proliferation of online platforms and the COVID-19 pandemic—have influenced turnover in both unincorporated self-employment and incorporated business ownership.
IBF4
