Friday, October 9th14.7°C

The stress of RRSPs

Canadians who are stressed about the annual RRSP deadline are not alone according to a new study that found 60 per cent of respondents feel anxious about coming up with the money for their retirement savings.

And almost half of respondents to the survey, 49 per cent, who make an annual RRSP contribution do so in a lump sum, said the Bank of Montreal study released Wednesday.

The uneasiness around the March 1 deadline is understandable when Canadians have to deal with other financial priorities, said Marlena Pospiech, senior manager BMO Wealth Planning Group.

"If they haven't saved regularly it could be really hard, especially coming out of the holiday season and if they have racked up a lot of debt over that time," Pospiech said in an interview from Toronto.

Household debt is a problem and Canadians have been borrowing like never before with help from low interest rates. Statistics Canada recently said the household debt to income ratio is at a record high of 164.6 per cent.

BMO said contributing even a small amount, a few hundred dollars, to an RRSP is better than nothing at all.

"If they don't have the full amount, that should not stop them from making a contribution," Pospiech said.

The Canadian Press

Read more Business News


Recent Trending

Today's Market
S&P TSX13984.06+5.40
S&P CDNX552.52+5.46
S&P 5002014.94+1.51
CDN Dollar0.7730+0.0046
Natural Gas2.521+0.023

Okanagan Companies
Pacific Safety0.225-0.005
QHR Technologies Inc1.25+0.02
Metalex Ventures0.06+0.01
Russel Metals21.23-0.32
Copper Mountain Mining0.66+0.05
Colorado Resources0.07+0.00
ReliaBrand Inc0.0194+0.0028
Sunrise Resources Ltd0.02+0.00
Mission Ready Services0.075-0.005
Decisive Dividend Corp3.25+0.14
Diamcor Mining0.97+0.03


2284515#100 539 Yates Road, Kelowna, V1V 2T8
1 baths
more details
Click here to feature your property
Please wait... loading

Income for life?

Photo: Thinkstock.comIn almost every conversation I have with clients these days, the topic swings to interest rates. What direction they’re going, how long will they stay where they are and how...

Perfect (reno'd) home

Photo: Thinkstock.comHow many times have you found a home in the perfect location, but it needs too much work as per the home inspection? There is a great program available through most lenders that w...

5 Claim misconceptions

Photo: Thinkstock.comIf you have been hurt in an accident or as a result of medical negligence you will likely look to your friends and family for some advice on how to deal with the situation. These ...



Member of BC Press Council