Most Canadians plan to contribute the maximum allowable amount to a tax-free savings account within the next five years, according to new report.
BMO Bank of Montreal, a unit of BMO Financial Group, Toronto, released this finding in a summary of results from a new poll of 1,000 Canadians. BMO commissioned Toronto-based Pollara Strategic Insights to conduct the poll in October.
The poll reveals that 57% of Canadians plan to contribute the maximum allowable amount (CDN $5,000) under Canadian law to a tax-free savings account within the next five years. For 2012, the report shows, Canadians plan to contribute an average of $3,778 to the TFSA.
Currently, fewer than have (44%) of Canadians are making the maximum $5,000 contribution.