TFSA vs. RRSP: BMO Study Finds 40 Per Cent of Canadians Don't Know the Difference
- More than a third of Canadians don't know the difference between a TFSA and an RRSP - 44 per cent of Canadians have a TFSA; more than 60 per cent have an RRSP - Average annual TFSA contribution is $3,700, average RRSP contribution in 2010 was $4,700 - BMO offers tips on how both vehicles can work together
(firmenpresse) - TORONTO, ONTARIO -- (Marketwire) -- 01/19/12 -- The arrival of RRSP season leads many Canadians to think about what investment vehicle is right for them: a Registered Retirement Savings Plan (RRSP) or a Tax-Free Savings Account (TFSA).
A BMO study, conducted by Leger Marketing, found:
An RRSP is a tax-deferred savings vehicle that allows Canadians to help fund their retirement. Contributions are tax deductible, which means the individual's taxable income is reduced by the amount contributed in a given tax year. A TFSA is a flexible, registered general-purpose savings vehicle that allows Canadians to earn tax-free investment income to meet lifetime savings needs more easily.
"While your present financial situation and life stage will impact how you contribute and the benefit derived from making a contribution, both the TFSA and RRSP are strong and flexible savings vehicles that together can help you reach short-term and long-term financial savings goals," said Tina Di Vito, Head, BMO Retirement Institute and author of 52 Ways to Wreck Your Retirement... and How to Rescue It.
Ms. Di Vito added that Canadians should be aware of their financial goals and how long they expect it will take to achieve them. RRSPs are an excellent tool to save for the long term; meanwhile, TFSAs can help Canadians reach some of their shorter-term investment goals faster because they won't be paying any income taxes on the investment earnings. However, leveraging both accounts simultaneously can provide even greater value over the long term.
TFSA and RRSP Basics:
BMO offers several helpful tools and resources to help Canadians make sense of their investments and minimize the taxes they pay. BMO recently launched BMO SmartSteps for Investing, a program designed to help Canadians make sense of savings and investing and help them keep more of their money, stay on track with their investments and grow their money for the future. Please visit .
TFSA & Financial Literacy Survey Data:
The survey was completed on-line from October 17th to October 20th, 2011, with a sample of 1508 Canadians, 18 years of age or older. A probability sample of the same size would yield a margin of error of 2.5 per cent, 19 times out of 20.
RRSP Survey Data:
The survey was completed on-line from November 21st, 2011 to November 24th, 2011 using Leger Marketing's online panel, LegerWeb, with a sample of 1520 Canadians. A probability sample of the same size would yield a margin of error of 2.5% 19 times out of 20.
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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Unternehmensinformation / Kurzprofil:
Datum: 19.01.2012 - 11:00 Uhr
Sprache: Deutsch
News-ID 105708
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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