Thursday, October 2nd4.9°C
22738

Fewer Canadians have money to contribute to their RRSP this year: bank polls

MONTREAL - Fewer Canadians are planning to put money into their Registered Retirement Saving Plan this year, mostly because they can't afford it.

Surveys by Scotiabank (TSX:BNS) and the Bank of Montreal (TSX:BMO) say Canadians have other expenses, such as car payments and paying down debt, that are preventing them from making a contribution.

Scotiabank found that 31 per cent of respondents planned to contribute to their RRSP, down from 39 per cent last year.

BMO said 43 per cent of those it surveyed planned to contribute by the March 3 deadline, down from 50 per cent in 2013.

Meanwhile, three-quarters of those who have RRSPs told Scotiabank they've thought about contributing more money to their plans, but just don't have the cash.

BMO says a contribution of $2,000 to an RRSP would mean putting aside $167 a month or less than $6 a day.

The Canadian Press


Read more Business News




Recent Trending




Today's Market
S&P TSX14805.44-155.069
S&P CDNX896.35-12.94
DJIA16804.71-238.19
Nasdaq4422.085-71.305
S&P 5001946.16-26.13
CDN Dollar0.8987+0.0031
Gold1214.40-1.10
Oil86.79-2.32
Lumber344.10+6.30
Natural Gas4.044+0.021

 
Okanagan Companies
Pacific Safety0.135+0.005
Knighthawk0.01-0.005
QHR Technologies Inc1.22-0.04
Cantex0.075+0.01
Anavex Life Sciences0.1804-0.0036
Metalex Ventures0.0550.00
Russel Metals34.68+0.11
Copper Mountain Mining2.29-0.13
Colorado Resources0.16-0.005
ReliaBrand Inc0.019-0.001
Sunrise Resources Ltd0.065+0.045
Mission Ready Services0.31-0.01

 



23479

FEATURED Property
1953599#53 3381 Village Green Way
3 bedrooms 1 baths
$74,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Power-save your way to a down payment

Part 2 of 2 to read Part 1, click here. 5. Dial down your vacations. New York is out. Maybe Buffalo. For West coast, maybe Seattle instead of Hawaii. Use sites like Airbnb (aribnb.ca) to find ch...


A wildly successful manufacturer

Niche food producer “Sweets from the Earth” thrives using innovation, uniqueness and an unwavering focus on quality. A neighbour’s stew turned Ilana Kadonoff off meat at the age of s...


Finding the smart money

Recently I had the privilege of working alongside André Voskuil, a local guru in the world of Alternative Financing. André has quite the reputation in the world of direct investments as ...

_



23545

23545


Member of BC Press Council


22771