Fewer Manitobans add to RRSPs: BMO
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Hey there, time traveller!
This article was published 03/03/2015 (3341 days ago), so information in it may no longer be current.
Fewer Manitoba/Saskatchewan residents contributed to their RRSPs this year, but the average amount contributed was higher, according to a new Bank of Montreal survey.
The bank said today that a survey conducted in the final week before the March 2 deadline found 51 per cent of Manitoba/Saskatchewan residents made an Registered Retirement Savings Plan contribution for the 2014 tax year.
That’s down from 60 per cent a year ago. It’s also six percentage points below the national average of 57 per cent.
However, despite fewer contributors, the average contribution still rose to $4,467 from $4,338 a year earlier, the survey showed.
It was a similar story at the national level, with the number of contributors down from 65 per cent a year earlier — but the average contribution up — $3,737 versus $3,518.
The survey also found 45 per cent of Prairie respondents and 38 per cent of the Canadian respondents said they didn’t contribute this year because the didn’t have enough money.
“While it’s great to see that a majority of Canadians contributed this year and that the average contribution size is higher than in previous years, it’s a concern that the percentage of those who put money towards their RRSPs is down,” said Chris Buttigieg, senior manager, wealth planning strategy, with BMO Financial Group.
“For those who find contributing to their RRSP a daunting task, consider investing a small amount of money each month through a continuous savings plan. That way, you don’t have to worry about coming up with a large lump sum right before the deadline,” Buttigieg added.
The survey was conducted Feb. 24 and 25 by Pollara with an online sample of 1,002 Canadians 18 years of age and over. The polling industry’s professional body, the Marketing Research and Intelligence Association, says online surveys cannot be assigned a margin of error because they do not randomly sample the population.
— Staff/Canadian Press
