Canadians say they'll contribute to RRSP, but many won't: CIBC

(Tim Peckham/QMI Agency Photo Illustration)

(Tim Peckham/QMI Agency Photo Illustration)

QMI Agency

, Last Updated: 11:02 AM ET

Sixty-per-cent of Canadians plan to put cash in their RRSP or TFSA this year, but judging from past years many likely won't, CIBC says.

Data from previous years shows just 26% of people actually made an RRSP contribution, while 47% said they had intended to do so, said Jamie Golombek, CIBC's managing director of tax & estate planning.

This year, 31% say they don't plan on contributing to their RRSP or TFSA, compared to 28% in 2012, CIBC said in a statement Monday.

Last year, Canadians who didn't put money into their retirement funds said the top reason why was because they didn't have the cash.

Harris/Decima conducted the poll with 1,740 adult Canadians Dec. 13-Jan. 7. The associated margin of error is 2.35 percentage points, 19 times out of 20.