Nearly 4 in 10 Canadians contributed or planned to contribute to the Canadian equivalent of a 401(k) plan before a government-imposed deadline to defray income taxes for the 2011 tax year, according to a new survey.
BMO Financial Group, Toronto, Ont., published this finding in a summary of results from its Third Annual Post-RRSP Deadline Study. The survey of 1,500 Canadians was completed online from February 21 to February 23 using Leger Marketing’s online panel, LegerWeb.
The report finds that, despite ongoing volatility in the financial markets, 38 per cent of Canadians contributed or planned to contribute to their Registered Retirement Savings Plans (RRSPs) before the Canadian’s government’s February 29th deadline. The participation rate remained essentially unchanged from the previous two years (39% last year; 38% two years ago).