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SOURCE CIBC
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.
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