Less Are Saving More

CBJ – According to a survey by BMO, fewer Canadians made an RRSP contribution this year – but those who did invested more money.

The study reveals that 57% of those surveyed reported making a contribution for the 2014 tax year before the March 2nd deadline, down from 65% for the 2013 tax year and 62% for 2012.

The sixth annual post-RRSP deadline study also found that Canadians contributed an average of $3,737 this year, which is just over $200 more than what was contributed in the past two years ($3,518 in the 2014 study and $3,544 in 2013).