CIBC RRSP Deadline Poll: 16% of Canadians say they have left their RRSP contribution to the last minute

TORONTO, March 1, 2013 /CNW/ - Today is your last chance to contribute to an RRSP before this year's deadline, and as a recent CIBC (CM: TSX, NYSE) poll shows, a number of eligible Canadians have left their RRSP contribution to the very last minute.

The poll, conducted by Harris/Decima and released February 25th, showed 16 per cent of eligible Canadians said they intended to contribute to their RRSP this year but were leaving their RRSP contribution to the last 48 hours before the March 1 2013 deadline.

Regionally, the poll revealed residents of Manitoba and Saskatchewan, Alberta and Ontario were among the most likely to procrastinate, with 18 per cent saying they would likely make their contribution in the last 48 hours.  Atlantic Canadians were among the most prepared, with only 9 per cent saying they have left their contribution to the last minute.

The poll also shows that Canadians aged 25 -34 are the most likely to procrastinate with 26 per cent saying they intended to contribute but would leave their RRSP contribution to the last 48 hours.

"With only hours to go until the RRSP deadline, if you are planning to contribute you will need to make the time today," commented Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "Whether you meet with an advisor, or make a contribution online or by phone, we encourage Canadians who are planning to contribute to ensure they don't miss the opportunity."

Ms. Kramer suggests that Canadians who are pressed for time today can contribute in two stages, by contributing to a flexible RRSP savings option today, then making time in March to talk to an advisor about long term investment options. CIBC is offering bonus interest on RRSP daily savings deposits until March 28th, 2013, for Canadians finding themselves without the time to make longer term investment decisions before the deadline.

"If you don't have the time today to consider all of your options, make a contribution to a flexible savings option today and then come back on a weeknight, Saturday or Sunday to spend some time with an Advisor evaluating how to invest those funds for the long term," added Ms. Kramer.

CIBC offers the following tips to make your RRSP contribution before the deadline:

Visit your nearest CIBC branch:  Check with your local branch to confirm their hours and make the time for an in-person discussion. You can locate your nearest CIBC branch through the branch locator tool at www.cibc.com simply by entering your postal code.

Contribute by Phone: 24 hours a day, you can call CIBC at 1-800-465-CIBC (2422) to discuss your RRSP options over the phone and make a contribution if you have an existing CIBC RRSP and chequing account.  

Make your Contribution Online: CIBC clients can log into CIBC Online Banking at www.cibc.com to deposit funds to an existing RRSP from a CIBC account before the deadline.

Set up next year's contribution now: If you find yourself just beating the deadline this year, talk to an advisor about setting up regular contributions to your retirement plan to make next year's contribution much easier. Investing smaller amounts bi-weekly or monthly over the next 12 months could help you avoid a last minute contribution next year.

KEY POLL FINDINGS (original poll release Feb 25)

Canadians who said they intend to contribute on either February 28th or March 1st, 2013, by
region:
National     16%
Atlantic Canada    9%
Quebec     15%
Ontario     18%
Manitoba and Saskatchewan   18%
Alberta      18%
British Columbia    14%
Canadians who said they intend to contribute on either February 28th or March 1st, 2013, by
age:
National      16%
18-24       10%
25-34      26%
35-44      19%
45-54      20%
55-64      11%
65+      4%

*Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, the company's national telephone omnibus survey. These data were gathered in a sample of 855 RRSP eligible Canadians between February 14 - 17, 2013. A sample of this size has a margin of error of +/-3.4%, 19 times out of 20.

CIBC is a leading North American financial institution with nearly 11 million personal banking and business clients. CIBC offers a full range of products and services through its comprehensive electronic banking network, branches and offices across Canada, and has offices in the United States and around the world. You can find other news releases and information about CIBC in our Press Centre on our corporate website at www.cibc.com.


SOURCE: CIBC

For further information:

Kevin Dove, Head of External Communications and Media Relations: (416) 980-8835 or Kevin.dove@cibc.ca