More than two-thirds of Canadians will be contributing the same amount or more to their Registered Retirement Savings Plan this tax year versus last, despite a challenging market environment in 2011, according to a new report.
BMO Financial Group, Toronto, published this finding in a summary of results of a survey conducted in November by Leger Marketing, Montreal. The survey polled 1520 Canadians, 18 years of age or older.
The survey found also that 48% of Albertans do not plan to contribute to a Registered Retirement Savings Plan (RRSP)—the Canadian equivalent of the U.S. 401(k) plan—before the February 29, 2012 deadline imposed by the Canadian Income Tax Act. This compares with 43% nationally.
Of those contributing or planning to contribute, the survey adds, more than two-thirds (68%) will be contributing the same amount or more to their RRSP this tax year compared to last, despite a challenging market environment in 2011.
The survey notes also that more than 40% of Albertans are less optimistic about the financial markets compared to last year. And 79% of Albertans are concerned about the performance of their RRSP, given the current state of the economy and volatility of the financial markets.
Separately, the BMO Financial Group study found that 73% of Ontarians lead the country in contributing the same amount or more to their RRSPs in the 2011 tax year compared to 2010. The survey also found that:
37% of Ontarians have made or are planning to make a contribution to an RRSP before the February 29, 2012 deadline.
63% of Ontarians hold an RRSP.
43% are less optimistic about the financial markets compared to last year.
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