BMO Financial is out with its 5th annual RRSP study.
It has discovered nearly two-thirds of Canadians intend to contribute to their retirement savings plans this year, a sizeable increase in numbers over last year.
BMO’s Wealth Planning Strategist Chris Buttigieg says there’s good reason for the increased interest.
He says with the decline in the availability of employer pensions, such as defined benefit pension plans, its becoming more and more important to save for your retirement.
The study also found many of those contributing to their RRSP’s hope to get a tax refund.
It also concluded that many people are procrastinators, leaving their 2014 contribution to the last minute.
That last minute to contribute to RRSP’s is March 2nd.
