CIBC Poll: Left your RRSP contribution to the last minute? You're not alone…

CIBC offers tips for those who still need to make their contribution with just one day until the February 29th deadline

TORONTO, Feb. 28, 2012 /CNW/ - As the RRSP contribution deadline for the 2011 tax year draws near, a CIBC (CM: TSX, NYSE) poll shows a number of Canadians have left their RRSP contribution to the eleventh hour.

The poll, conducted by Harris/Decima and released February 23rd, showed 25 per cent of Canadians said they still had to make an RRSP contribution before the February 29th deadline - and half of those Canadians (52 per cent) said they wouldn't contribute until either February 28th or 29th.

"We've arrived at the last minute for RRSP contributions for the 2011 tax year, but there's still time for Canadians to make their contribution before the deadline this Wednesday," commented Christina Kramer, Executive Vice President, Retail Distribution and Channel Strategy, CIBC. "We encourage Canadians to find the time before the deadline to consider their RRSP options and make their contribution as part of their long term retirement plans."

Ms. Kramer suggested that while Canadians should ensure they make their contribution before the deadline, they may choose to handle their last minute contribution in two stages.

"Making your contribution is important, but ensuring that your contribution is part of a broader plan for your retirement is critical to your long-term success in building retirement savings," added Ms. Kramer. "If you don't have the time today to consider all of your options, make your contribution to a flexible savings option within an RRSP and then consider your investment options after the deadline."

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 Telephone Banking at 1-800-465-CIBC (2422) to discuss your RRSP options over the phone and make a contribution from an existing CIBC account.  

Make your Contribution Online: CIBC clients can log into CIBC Online Banking at www.cibc.com to deposit funds to an RRSP from an existing 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 23)

Among the 25% of Canadians who said they needed to make a contribution before the deadline, the percentage of Canadians who said they would contribute on either February 28th or 29th, 2012, by region:

National                         52%
Atlantic Canada                        59%
Quebec                         36%
Ontario                         57%
Manitoba and Saskatchewan                       61%
Alberta                          43%
British Columbia                        66%

Among the 25% of Canadians who said they needed to make a contribution before the deadline, the percentage of Canadians who said they would contribute on either February 28th or 29th, 2012, by age:

National                                                        52%
18-24                                                         26%
25-34                                                        62%
35-44                                                        40%
45-54                                                        59%
55-64                                                        50%
65+                                                        39%

*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 876 RRSP eligible Canadians between February 16 - 20, 2012 and originally released February 23rd, 2012. A sample of this size has a margin of error of +/-3.3%, 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:

Sean Hamilton, Director, Media Relations: (416) 304-8456 or sean.hamilton@cibc.com


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