BMO RRSP Study: Ontarians Most Likely in Canada to Contribute More to Their RRSPs
- Almost three-quarters of Ontarians plan on contributing the same amount or more to their RRSP during the 2011 tax year compared to 2010 - More than half are confident in their ability to save for their ideal retirement - Given market volatility and the state of the economy, almost three-quarters of Ontarians are concerned about the performance of their RRSP
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/03/12 -- As Ontarians enter the New Year, many are beginning to think about the upcoming Registered Retirement Saving Plan (RRSP) deadline.
A study by BMO Financial Group found that - at 73 per cent - Ontarians lead the country in contributing the same amount or more to their RRSPs in the 2011 tax year compared to 2010.
The survey, conducted by Leger Marketing, also found that:
"It's encouraging to see that Ontarians are set to lead the country in contributing to their RRSPs," said Larry Moser, Regional Sales Manager, Eastern Ontario, BMO Bank of Montreal. "This is especially positive given uncertain economic conditions and the fact that many Canadians are concerned about the performance of their RRSP. It's important that Ontarians continue to make saving for retirement a priority and develop an overall financial plan that includes a retirement component."
Key National Findings:
On a national level, BMO's Annual RRSP Study found that:
Looking to maximize your retirement savings with minimal impact to your wallet? BMO offers the following advice:
Invest small amounts often - A little really does go a long way with an RRSP. Even small amounts, if invested on a regular basis, can grow significantly, especially when you take into account the effect of compound interest. Consider a pre-authorized payment plan, which takes a small amount out of your bank account every pay day and deposits it into your RRSP.
Don't panic - Although it is tempting to make drastic moves during times of market volatility, resist the temptation to liquidate all of your investments or do anything major. If you have a well-diversified portfolio that is appropriate for your life stage, there is no need to make impulsive moves.
Choose investments that meet your needs - For investors who prefer to take a less active role in investing, target date products such as BMO LifeStage Class Funds allow investors to select the fund that best matches their retirement target date and watch their investments automatically evolve. Each Fund shifts its asset mix on an annual basis so that the percentage of equity investments in the fund decreases as it approaches its target end date. The Funds are intended to provide growth in the early stages and to become progressively more conservative over time.
Borrow to come out ahead - Borrowing money to invest in your RRSP can make sense in some cases, with the resulting tax savings often enough to cover the amount borrowed. Many financial institutions offer low-interest RRSP loans for the current year or to "catch-up" on unused RRSP contribution room. For example, BMO's RRSP Readiline gives you access to a line of credit to maximize this year's RRSP contribution and potentially increase your income tax refund. Speak with a financial professional to determine if this is right for you.
Take advantage of professional help - A financial professional can provide advice on how to grow your investments and assist you in developing a financial plan. To meet with a financial professional, contact a BMO Bank of Montreal branch near you or visit .
The online survey was conducted by Leger Marketing from November 21 to November 24, 2011, with a sample of 1520 Canadians, 18 years of age or older.
2010 results are from an online survey conducted by Harris/Decima between November 15-24, 2010, with a sample of 1,002 Canadian adults.
BMO LifeStage Class Funds are offered by BMO Investments Inc., a financial services firm and separate legal entity from Bank of Montreal. Commissions, trading commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus of the mutual fund before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.
Contacts:
Media Contacts:
Amanda Robinson, Toronto
416-867-3996
Sarah Bensadoun, Montreal
514-877-8224
Laurie Grant, Vancouver
604-665-7596
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Datum: 03.01.2012 - 11:00 Uhr
Sprache: Deutsch
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