Fewer Canadians planning RRSP contributions this year

The average amount was $3,327, up from $2,892 a year ago

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TORONTO – The percentage of Canadians who plan on contributing to their RRSP before the deadline at the end of next month is down slightly from last year, according to a poll issued by the Bank of Montreal.

However, the survey found that those who have already contributed and those who are still planning to add to their retirement savings are putting aside a little more than last year.

Of the Canadians surveyed, 61 per cent of those not yet retired said they would be making a contribution to their RRSP, down from 64 per cent a year ago.

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But the average contribution for those who have already contributed was $3,984, up from $3,738 last year.

And among those planning to contribute, the average amount was $3,327, up from $2,892 a year ago.

The deadline to contribute to an RRSP for the 2015 tax year is Feb. 29.

The poll, conducted by Pollara for the Bank of Montreal, was based on an online sample of 2,177 adults between Dec. 30, 2015, and Jan. 4, 2016.

The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.

One comment on “Fewer Canadians planning RRSP contributions this year

  1. RRSP’s are a great for people that really are serious about their finances. Most people want to make alot of money on something that is easy. The only interest rate investments with 3.4% to 3.5% government backed are provincial strip bonds and they best work in RRSP’s and TFSA’s. There are no quick, rich schemes that work for us all.

    A 25 year old to reach a $1,000,000 goal would need $5,500 in TFSA’s and $5,000 in RRSP’s+30% tax refund, $1,500, $458,000 in TFSA’s, $542,000 in RRSP’s. So really, $875 a month or $10,500 annually out of pocket. This is easily achieved by cutting smoking and cutting back on drinking too much and eating out too much.

    Be smart with your money folks!

    Reply

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