CANADIANS FUNDING RETIREMENT BY GROWING NUMBERS

Dec 06, 2012

By Jane Brown

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An increasing number of Canadians are investing in their retirements. A new BMO Financial Group survey says 67-percent of respondents have an RRSP compared with 61-percent at this time last year.  And nearly 75-percent of Canadians plan to contribute the same amount or more to their Registered Retirement Savings Plan than they did last year.  Among those who do not have an RRSP, half say they plan to open one in the next five years.  And about 74 per cent of respondents have already made or plan to make a contribution toward an RRSP before the 2012 deadline, five percentage points higher than last year. The average contribution amount for the 2011 tax year was just under $4700.

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