Welcome!

News Feed Item

BMO's Fourth Annual RRSP Study: More Than a Third of Canadians Have Already Contributed to Their RRSP this Year

- Among those who have already contributed, 64 per cent have contributed at least $2,000 and 40 per cent $5,000

TORONTO, ONTARIO -- (Marketwired) -- 01/10/14 -- BMO Financial Group today announced the results of its fourth annual national Registered Retirement Savings Plan (RRSP) study, which showed that many Canadians are getting a head start on saving for retirement this year. More than one-third (35 per cent) of Canadians reported that they have already contributed to an RRSP before the March 3rd, 2014 deadline. This is up five per cent from this time last year.

Additionally, according to the study:

--  Sixty-four per cent of those who have already made a contribution have
    contributed at least $2,000 to their RRSP and 40 per cent have put in at
    least $5,000.
--  Forty-three per cent of Canadians reported that they will make a
    contribution to their RRSP by the March 3rd deadline. This is down from
    the 50 per cent who made a contribution last year.
--  Almost two-thirds (64 per cent) of Canadians have an RRSP, compared to
    67 per cent 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.

"It's reassuring to see that many Canadians are being proactive by contributing to their RRSPs well ahead of the deadline. However, according to Statistics Canada the total unused RRSP contribution amount is estimated to exceed $1 trillion by 2018," said Caroline Dabu, Vice President and Head, BMO Wealth Planning Group. "So we encourage everyone to contribute and contribute as early as possible to avoid the difficulties of having to come up with a large lump sum at the last minute."

Ms. Dabu added that using a Continuous Savings Plan (CSP) to make smaller and regular RRSP contributions throughout the year can help alleviate some stress leading up to the deadline. A CSP regularly and automatically withdraws a specific amount of money from an individual's bank account and invests it directly into his or her RRSP. It eases the cost of investing away from one annual deposit and helps increase savings.

RRSP Investing Hurdles

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 to make a contribution (37 per cent)
--  Having other expenses which take precedence (33 per cent)
--  Prioritizing other investments (11 per cent)

"It can be difficult to balance all of your financial priorities, whether it is paying down your mortgage, saving for your child's education or putting money aside for your retirement," said Ms. Dabu. "A financial plan can help you map out all of your financial commitments to help you prioritize. Also, a financial professional can help you understand your options, offer checkpoints to follow your progress, adjust your plan as your circumstances change and work with you to ensure you stay on track for success."

Regional Breakdown:

----------------------------------------------------------------------------
Region             % who have    % who expect  % with an RRSP Average amount
                 already made a  to contribute                  contributed
                  contribution    to an RRSP                   last year ($)
                   before the     before the
                  2013 deadline  2013 deadline
----------------------------------------------------------------------------
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
----------------------------------------------------------------------------

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia

The survey was conducted by Pollara with an online sample of 1,003 Canadians 18 years of age and over, between November 18th and 22nd, 2013.

Contacts:
Media contacts:
Amanda Robinson, Toronto
416-867-3996
[email protected]

Valerie Doucet, Montreal
514-877-8224
[email protected]

Laurie Grant, Vancouver
604-665-7596
[email protected]

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
In his session at @ThingsExpo, Greg Gorman is the Director, IoT Developer Ecosystem, Watson IoT, will provide a short tutorial on Node-RED, a Node.js-based programming tool for wiring together hardware devices, APIs and online services in new and interesting ways. It provides a browser-based editor that makes it easy to wire together flows using a wide range of nodes in the palette that can be deployed to its runtime in a single-click. There is a large library of contributed nodes that help so...
SYS-CON Events announced today that Daiya Industry will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Daiya Industry specializes in orthotic support systems and assistive devices with pneumatic artificial muscles in order to contribute to an extended healthy life expectancy. For more information, please visit https://www.daiyak...
Many companies start their journey to the cloud in the DevOps environment, where software engineers want self-service access to the custom tools and frameworks they need. Machine learning technology can help IT departments keep up with these demands. In his session at 21st Cloud Expo, Ajay Gulati, Co-Founder, CTO and Board Member at ZeroStack, will discuss the use of machine learning for automating provisioning of DevOps resources, taking the burden off IT teams.
What is the best strategy for selecting the right offshore company for your business? In his session at 21st Cloud Expo, Alan Winters, U.S. Head of Business Development at MobiDev, will discuss the things to look for - positive and negative - in evaluating your options. He will also discuss how to maximize productivity with your offshore developers. Before you start your search, clearly understand your business needs and how that impacts software choices.
SYS-CON Events announced today that Cedexis will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Cedexis is the leader in data-driven enterprise global traffic management. Whether optimizing traffic through datacenters, clouds, CDNs, or any combination, Cedexis solutions drive quality and cost-effectiveness.
Most of the time there is a lot of work involved to move to the cloud, and most of that isn't really related to AWS or Azure or Google Cloud. Before we talk about public cloud vendors and DevOps tools, there are usually several technical and non-technical challenges that are connected to it and that every company needs to solve to move to the cloud. In his session at 21st Cloud Expo, Stefano Bellasio, CEO and founder of Cloud Academy Inc., will discuss what the tools, disciplines, and cultural...
Is advanced scheduling in Kubernetes achievable? Yes, however, how do you properly accommodate every real-life scenario that a Kubernetes user might encounter? How do you leverage advanced scheduling techniques to shape and describe each scenario in easy-to-use rules and configurations? In his session at @DevOpsSummit at 21st Cloud Expo, Oleg Chunikhin, CTO at Kublr, will answer these questions and demonstrate techniques for implementing advanced scheduling. For example, using spot instances ...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
SYS-CON Events announced today that Yuasa System will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Yuasa System is introducing a multi-purpose endurance testing system for flexible displays, OLED devices, flexible substrates, flat cables, and films in smartphones, wearables, automobiles, and healthcare.
SYS-CON Events announced today that Taica will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Taica manufacturers Alpha-GEL brand silicone components and materials, which maintain outstanding performance over a wide temperature range -40C to +200C. For more information, visit http://www.taica.co.jp/english/.
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Why Federal cloud? What is in Federal Clouds and integrations? This session will identify the process and the FedRAMP initiative. But is it sufficient? What is the remedy for keeping abreast of cutting-edge technology? In his session at 21st Cloud Expo, Rasananda Behera will examine the proposed solutions: Private or public or hybrid cloud Responsible governing bodies How can we accomplish?