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How are you saving for retirement?

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The deadline for making RRSP contributions to claim on your 2012 taxes is March 1, and while more Canadians say they have an RRSP this year, the truth is most won't likely be making a contribution. 

 Are you investing for your retirement this year? (iStock)A recent survey by BMO Financial Group found that 67 per cent of Canadians have put their money for retirement into RRSPs, up six per cent from last year. 

The same survey reported that 74 per cent of Canadians have made or plan to make a contribution before the March 1 deadline.

But Statistics Canada consistently reports that most Canadians don't contribute to the registered retirement savings plans in a given year. For the 2010 tax year, about a quarter of eligible tax filers put money in their RRSPs.

Most Canadians can contribute up to 18 per cent of their income in RRSPs every year. Banks and other financial institutions are hoping you'll choose their products to fill that unused contribution room.

And for the past four years, Canadians have also had the option of putting investment money in tax-free savings accounts. 

How are you saving for retirement? Are you planning on contributing to RRSPs? Or perhaps a TFSA or some other interest-accruing account? Let us know in the comments below. 



(This survey is not scientific. Results are based on readers' responses.)

Tags: Canada, money

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