RRSP season: How do you invest your money?
- February 4, 2011 1:32 PM |
- By POV
A slew of RRSP commercials have been appearing on television lately, which can mean only thing: the March 1 deadline for Canadians to make RRSP contributions for the 2010 tax season is fast approaching.
Figures from last year show that, as usual, most people didn't make a contribution. The number of Canadians who contributed to an RRSP in the 2009 tax year actually fell about four per cent from the previous year to 5,967,000 -- about a quarter of all tax filers.
That could be because there's growing competition for Canadians' disposable income. Household debt is at an all-time high, so debt paydown is a top priority for many. Tax-free savings accounts are entering their third year of existence and are grabbing an ever bigger share of the investing pie. And a significant group of Canadians say they've just got no cash to spare for RRSPs.
And perhaps some Canadians are just plain confused about all the different savings plans and strategies available to them. For information on what's out there, check out CBCNews.ca's RRSP season primer.
Do you contribute to an RRSP or TFSA? How do you invest your money? Let us know in the comments below.
(This survey is not scientific. It is based on readers' responses.)
Related P.O.V.: RRSPs: Do you plan to contribute to yours this year?
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