RRSP deadline causing Canadians stress: Study
The March 1 RRSP contribution deadline causes many Canadians stress as they scramble to find the money to make a contribution according to a BMO study .(Photo illustration/ QMI Agency)
As the March 1 deadline for contributing to a Registered Retirement Savings Plan (RRSP) approaches, a BMO study reveals that the deadline causes many Canadians stress as they scramble to find the money to make a contribution.
The results of the study, released Saturday, shows that the majority of Canadians say they would feel less stressed if they switched their approach and made smaller contributions throughout the year.
While three-quarters of Canadians with an RRSP have already made or plan to make a contribution to their RRSP before the deadline, 60% admit that the deadline causes them stress, the study says.
"Uneasiness around the RRSP deadline is understandable when Canadians have other financial priorities to manage, including paying down household debt," Marlena Pospiech, a spokeswoman for BMO Financial Group, said in a statement. "Yet, there are ways to manage and eliminate that stress.
"For example, opening a Continuous Savings Plan alleviates the worry about having to come up with a large lump-sum RRSP contribution as the deadline looms."