rrsp-nest-egg

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.

Survey highlights:

  • 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%)

Regional Breakdown

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 ($)
National 35 43 64 3,544
Atlantic 30 35 60 3,955
Quebec 29 41 53 3,049
Ontario 41 46 68 3,592
Prairies 41 49 81 3,811
Alberta 34 45 65 4,462
B.C. 31 40 69 3,173

Originally published on Advisor.ca

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