Half of Canadians set to miss opportunity for 2011 tax season:
TORONTO, Feb. 9, 2012 /CNW/ - A recent Scotiabank investment poll found
that only two in five Canadians (39 per cent) say they plan to
contribute to an RRSP for the 2011 tax season. Among those who have
thought about investing more often in their RRSP than they currently
do, affordability (61 per cent) is the top reason for not contributing
"We would like a chance to talk to the many Canadians who might be
letting an important savings opportunity pass them by, and remind them
that even small contributions can help them get back on track," said
Mike Henry, Senior Vice President of Retail Payments, Deposits and
Lending, Scotiabank. "We understand the challenges, and we know that a
lot of people are making this decision without talking to an advisor.
We want to help our customers review their finances to see if an RRSP
contribution makes sense for them as part of a practical plan designed
to balance their individual needs and circumstances. Looking beyond the
2011 RRSP deadline, we want to help Canadians put a plan in place to
make regular investment contributions, either with a TFSA or RRSP."
In addition to cutting back on RRSP contributions this year, only 46 per
cent of those polled reported having a financial advisor. When it comes
to planning, 32 per cent of Canadians reported having a written
financial plan and 39 per cent said it would be easier to save and
invest with a five year goal in mind rather than a long-term goal.
Three in five (58 per cent) said they would be interested in a five
"Concerns around the affordability of making investments paired with the
rise in market volatility have made many Canadians reluctant to
contribute to their RRSPs this year," said Andrew Pyle, ScotiaMcLeod
Wealth Advisor. "Living in challenging financial times is all the more
reason investors should speak to a financial advisor about their
specific financial situation and how to find a way to build their
retirement savings and make their 2011 RRSP contribution. For example,
investors looking to minimize their exposure to market ups and downs
may want to review the asset allocation in their RRSPs."
Other investment poll highlights:
Most Canadians say they have an RRSP (60 per cent), a drop from 79 per
cent last year;
Forty-eight per cent of Canadians have a TFSA;
More men (42 per cent) than women (35 per cent) plan to contribute to
their RRSP for the 2011 tax year, while those aged 35-54 years lead in
the age category (52 per cent) compared to those aged 18-34 (41 per
cent) and 55 and over (21 per cent);
Only three-in-10 (29 per cent) have set up automatic transfers or
deposits into an investment plan (down from 34 per cent in 2010);
Among RRSP holders, half (51 per cent) have thought about contributing
more to their RRSP than they do now, unchanged from a year ago.
While there's still work to be done, there's still time to make an RRSP
contribution for 2011 and start planning for 2012. Booking a visit with
a financial advisor is the first step in getting a financial plan in
In the days leading up to the February 29th deadline, select Scotiabank branches will be offering extended hours to
ensure customers can make their RRSP contributions on time. Check with
your local Scotiabank branch for further information.
The Scotiabank Investment Study was conducted online for the second consecutive year using
Harris/Decima's online panel. A total of 1,021 completed surveys were
collected from a random sample of panel members across Canada. The
study was conducted from December 7th to December 21st, 2011.
Scotiabank is one of North America's premier financial institutions and
Canada's most international bank. With more than 75,000 employees,
Scotiabank Group and its affiliates serve some 19 million customers in
more than 55 countries around the world. Scotiabank offers a broad
range of products and services including personal, commercial,
corporate and investment banking. With assets above $575 billion (as at
October 31, 2011), Scotiabank trades on the Toronto (BNS) and New York
Exchanges (BNS). For more information please visit www.scotiabank.com.
SOURCE Scotiabank - Products
For further information:
Patty Stathokostas, Scotiabank Media Communications, 416-866-3625, email@example.com.