Last day to contribute to RRSP
Posted March 1, 2013 6:12 am.
This article is more than 5 years old.
It’s RRSP contribution deadline day, Friday — the last chance to put away some savings and get a tax break for 2012.
According to a new survey, nearly two-thirds of Canadians polled say they have made or plan to make a contribution to their RRSP by Friday’s deadline, but with fewer dollars than last year.
The Bank of Montreal found that 63 per cent of Canadians have contributed or will contribute by the deadline, up from 38 per cent last year.
But the average RRSP contribution amount was $3,544, down $1,100 from 2012, said the poll released on Friday.
The survey found that a sense of responsibility was the top motivator for making a contribution this year to a Registered Retirement Savings Plan, with 51 per saying it was the right thing to do.
Only about one in three Canadians have an employer pension plan, he added.
The survey found that 43 per cent who anticipated getting money back from an RRSP tax refund plan on saving or investing it.
The survey also found that 36 per cent plan to use the refund to pay their bills; 19 per cent would use it for home renovations or household items; 15 per cent would pay down their mortgage while another 15 per cent would travel or purchase leisure items.
While the deadline is Friday at midnight to make an RRSP contribution, Canadians should be aware when their financial institutions close if they’re going to do it in person.
The online survey was conducted by market research firm Pollara with a sample of 1,000 Canadians from Feb. 22 to Feb. 25.
