Wednesday, November 26th1.7°C
24157
24212

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

24243


Recent Trending




Today's Market
S&P TSX15038.41-35.24
S&P CDNX771.06-9.58
DJIA17827.7512.81
Nasdaq4787.317+29.065
S&P 5002072.83+5.80
CDN Dollar0.8880-0.0008
Gold1197.20+0.60
Oil73.12-0.57
Lumber327.90-1.60
Natural Gas4.295+0.144

 
Okanagan Companies
Pacific Safety0.160.00
Knighthawk0.01-0.005
QHR Technologies Inc1.34+0.02
Cantex0.045+0.005
Anavex Life Sciences0.171-0.004
Metalex Ventures0.035+0.005
Russel Metals31.50-0.64
Copper Mountain Mining2.16+0.01
Colorado Resources0.12-0.01
ReliaBrand Inc0.0134-0.0001
Sunrise Resources Ltd0.045-0.005
Mission Ready Services0.34+0.015

 
24130


24035

FEATURED Property
1745707665 Westside Road
5 bedrooms 6 baths
$3,998,000
more details
image2image2image2
Click here to feature your property
Please wait... loading


The last great Canadian tax shelter

A guide to how flow-through fund limited partnerships can mightily aid your tax planning!The end of the year will raise concerns among many professionals, self-employed persons, business owners and ev...


What I learned in China: Part 2

As per my previous article on my visit to China, we have much to learn about and from their people. It is potentially the largest market on earth with 1.3 billion people in one country but much will d...


Retirement: Health Issues

Our health is really our greatest asset and maintaining our health is of tremendous importance. You want to do what you can to ensure that health issues will not jeopardize the enjoyment of your retir...

_



24207

24119


Member of BC Press Council


24003