More than one-third (35%) of Canadians report they have already contributed to an RRSP before the March 3, 2014 deadline, up 5% from this time last year, according to BMO Financial Group’s national RRSP study.
- 64% of those who have already made a contribution have contributed at least $2,000 to their RRSP and 40% have put in at least $5,000.
- 43% of Canadians reported that they will make a contribution to their RRSP by the March 3 deadline. This is down from the 50% who made a contribution last year.
- Almost two-thirds (64%) of Canadians have an RRSP, compared to 67% this time last year.
- One-third reported that they usually contribute the maximum amount to their RRSPs.
- Last year Canadians contributed an average of $3,544 to their RRSPs.
The study also examined the reasons why Canadians are not planning to make a contribution to an RRSP this year. These include:
- Not having enough money (37%)
- Having other expenses which take precedence (33%)
- Prioritizing other investments (11%)
|Region||% who have already made a contribution before the 2013 deadline||% who expect to contribute to an RRSP before the 2013 deadline||% with an RRSP||Average amount contributed last year ($)|