Monday, May 25th21.9°C
26412
25546

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

26341


Recent Trending




Today's Market
S&P TSX15187.40-13.36
S&P CDNX700.09-3.39
DJIA18232.02-53.72
Nasdaq5089.36-1.43
S&P 5002126.06-4.76
CDN Dollar0.8112-0.0009
Gold1204.30+1.30
Oil60.67-0.74
Lumber273.80+3.70
Natural Gas2.887-0.064

 
Okanagan Companies
Pacific Safety0.14+0.01
Knighthawk0.010.00
QHR Technologies Inc1.49+0.01
Cantex0.03-0.01
Anavex Life Sciences0.425+0.053
Metalex Ventures0.08-0.01
Russel Metals25.83+0.04
Copper Mountain Mining1.33-0.05
Colorado Resources0.105+0.005
ReliaBrand Inc0.0048-0.0049
Sunrise Resources Ltd0.04+0.01
Mission Ready Services0.17-0.00
Decisive Dividend Corporation2.20+0.60

 



26407

FEATURED Property
22164581105 3168 Via Centrale Road
2 bedrooms 2 baths
$249,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Cash stressed seniors

Photo: Thinkstock.comFor many Canadian homeowners, their house represents the biggest portion of their net worth. Now, increasing numbers of seniors are starting to recognize the hidden value of their...


Do or do not

Photo: Thinkstock.com“The optimist sees the rose and not its thorns; the pessimist stares at the thorns, oblivious of the rose.” - Kahlil Gibran Good planning is all about managing chan...


Penetrate the smokescreen

Photo: ContributedHas this ever happened to you? You’re in the middle of your second or third “good discussion” with a prospect. Everything’s going great. The prospect seems en...

_



25217

25482


Member of BC Press Council


24222