More than half (53%) of Canadians still haven’t opened a TFSA, and 42% of this group don’t intend to open one this year, according to an ING DIRECT survey.

Read: Faceoff: TFSA vs RRSP

Fifty-two percent of those who still don’t have a TFSA cite not having money to contribute as the main reason.

The survey also found:

  • 31% admit they still don’t understand how TFSAs work.
  • 38% are unsure about the current annual contribution limit.
  • Retirement savings continue to be the main reason Canadians use TFSAs (46%).
  • Within the younger (18-34 years) Canadian demographic, almost a third (31%) plan to use their TFSA for purchasing a home.
  • Of the 47% of survey respondents who have opened a TFSA, nearly one in five (19%) are approaching the contribution limit.
  • When looking at how Canadians are contributing, a lump sum deposit one to two times a year is most popular (52%), while 26% contribute to their TFSA on a monthly basis.

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