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Fewer Canadians contributing to RRSPs: report

(iStock)
Summary

Nearly half of all British Columbians investing in RRSPs this year, says BMO

Deadline to invest in your retirement is fast approaching

VANCOUVER (NEWS 1130) – There are fewer Canadians investing in RRSPs this year according to a new report from BMO. And with a month to go before the deadline, the annual study says 46 per cent have already contributed or plan to contribute. In BC, those numbers are slightly lower with 44 per cent of us investing.

Robert Armstrong with BMO says there are a few reasons why people weren’t investing. “One of them is not having enough money to make a contribution, people have some other expenses that are taking precedent over investing and some people are looking at other investment options or RRSPs.”

Those who are contributing however are putting in about $1,100 more than last year, on average. “For someone in BC who is already contributed, they are contributing about $6,600, compared to the national average of about $5,100.”

Armstrong says BC and Alberta are leading the country when it comes to the amount invested on average into the plans. “You don’t always have to be contributing in January and February. The reality is it’s a lot easier to do smaller contributions that come off your bank account or your paycheck each month,” adds Armstrong.

The deadline for investing is March 1st.