Half of Canadians Did Not Plan to Contribute to RRSPs

By Andrew Rickard | March 03 2015 12:56PM

A survey conducted for CIBC found that 54% of Canadians did not plan to contribute to their registered retirement savings plan (RRSP) for the 2014 tax year.

When asked why they did not plan to contribute, 37% said that they did not have enough money to do so, while 17% said they would rather invest in a tax free savings account (TFSA). Another 14% of respondents said they were not sure if they would make an RRSP contribution this year.

The poll also showed that half of those who did intend to make a contribution for 2014 waited until the last two weeks to do so. As for the reasons they leave things so late, 30% of Canadians said they were "unsure" about why they procrastinated, 21% said they only start looking for ways to reduce their taxes when tax season approaches, 14% said they put things off "out of habit", while 12% say they stall because they do not have the money to contribute until the final weeks.