BMO survey flags improvement in RRSP contributions

The report reveals that 64 percent of those who have already made a contribution have contributed at least $2,000 to their RRSP and 40 percent have put in at least $5,000.The study also reveals that:

• Forty-three percent of Canadians report that they will make a contribution to their RRSP by the March 3 deadline. This is down from the 50 percent who made a contribution last year;
• Almost two-thirds (64 percent) of Canadians have an RRSP, compared to 67 percent 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 examines 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 percent);
• Having other expenses which take precedence (33 percent);
• Prioritizing other investments (11 percent).

The following is a summary of RRSP contributions by region: