Paul Martin's Business Update - March 7th, 2014
Paul Martin's Business Update - March 7th, 2014
It’s a case of more with less, except in Saskatchewan where it is less with more.
With RSP season a few days behind us, one of the major chartered banks has tried to get a read on how Canadians played this year when it comes to contributing to a registered retirement savings plan. BMO Bank of Montreal says its findings show that on a national basis, more of us put money into a plan for the 2013 tax year but we put in less money than a year ago.
Regionally, it turns out people in this province went the other way. Fewer of us put money into an RSP but when we did, we made a bigger contribution when compared to last year.
60 per cent of us took advantage of the RSP option this year compared to 64 per cent a year ago. And the average contribution rose to $500 to $4300 from $3800.
The most common vehicle chosen by contributors was mutual funds and when they get their tax refund, the largest percentage of the population plans to reinvest rather than pay down debt.
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