Six in 10 (60 per cent) Canadians are planning to invest in their retirement this year; however many of them will not follow through, according to a survey by CIBC.
Twenty-eight per cent of respondents said they will contribute to both their registered retirement savings plan (RRSP) and tax-free savings account (TFSA), 19 per cent will contribute only to their RRSP and 13 per cent only to their TFSA, found the survey of 1,740 Canadians.
Nearly one-third (31 per cent) said they won't make a contribution to their retirement fund this year, compared to only 28 per cent in 2012. The top reason given was that they did not have the money (35 per cent).
"While it's positive that so many eligible Canadians plan to contribute towards their retirement this year, we know from previous years that only 26 per cent of eligible tax filers actually made a contribution to their RRSP but our data shows 47 per cent say they intend to contribute to their RRSP," said Jamie Golombek, managing director, tax and estate planning at CIBC.
Canadian between the ages of 25 and 34 are the most likely to contribute to an RRSP, TFSA or both (71 per cent) while those aged 65 and over are the least likely (45 per cent), found the survey.
Percentage of Canadians who intend to contribute to either an RRSP, TFSA or both (by region):
Percentage of Canadians who plan to contribute to either an RRSP, TFSA, or both (by age):
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