Paul Martin's Business Update - February 11th

Paul Martin's Business Update - February 11th

As we head down to the deadline for RSP contributions that can be included in last year’s tax return, it seems we are looking more favorably on these financial instruments.

RBC Royal Bank has released another survey on how we are addressing RSP contributions this year and, turns out, more of us are contributing and in larger amounts. The number of Canadians planning to put money into a registered retirement plan has risen from 55 per cent of 59 per cent. The bank has been doing these surveys for nearly a quarter century and says this year we’re going to contribute, on average, about $500 more – to a little over $4600 per person.

The increase is especially noticeable among those under the age of 35, a sign that retirement planning is getting more attention. But even with the increase, three-quarters of us still have unused room in our plans.

The most popular investment to hold in an RSP? Mutual funds, by quite a margin. At 43 per cent, they are twice as popular as savings accounts and GICs or term deposits.

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