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Fewer Contribute To RRSPs

Fewer Canadians plan to contribute to their registered retirement savings plans (RRSP) this year, says the Bank of Nova Scotia's ‘Annual Investment Poll.’ It found that 31% of Canadians intend to contribute to their RRSP for the 2013 tax year, down from the 39% of Canadians who said the same thing in 2012 and 2011. The top reason for not contributing this year is a lack of funds as 74% of Canadians with an RRSP said they simply do not have enough money to put aside in the accounts. Furthermore, 40% of those Canadians with an RRSP have withdrawn funds within the past year, up from 36% in 2012. The three top reasons for taking money out of an RRSP are to take advantage of the Home Buyers' Plan (16 per%), to cover day-to-day expense (8%), and to pay down debt (8%).

Courtesy of Benefits and Pensions Monitor website News Alerts

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