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.
Read more Business News
- Store owner fed up with theftPenticton / S. Okanagan
- Naming Kelowna's new hotel?Poll
- Borba testimony concludesPenticton / S. Okanagan
- Medical issue sends SUV into creekKelowna
|QHR Technologies Inc||1.19||0.00|
|Anavex Life Sciences||0.25||+0.01|
|Copper Mountain Mining||2.93||+0.02|
|Sunrise Resources Ltd||0.025||0.00|
|Mission Ready Services||0.245||-0.005|
Apple has taught many entrepreneurs the importance of design, how to create buzz when introducing new products to the marketplace, how to pioneer new technology and the importance of superior quality....
Move over “big guys” there’s a new brokerage in town featuring local expertise, long standing experience and a fresh boutique approach. Kelowna, August 31 2014 – You may have...
There are several things to consider when deciding how much home to buy. 1. Draw up a budget including the new mortgage payments. While the rules used by most lenders require that the mortgage paym...