With recent changes to Canada’s old age security pension, Canadians and retirement have been in the spotlight. According to Scotiabank’s annual investment poll, over 30 percent of Canadians plan to retire later, up from 27 percent in 2011. It’s not news that Canadians are retiring later than they did a decade ago, but why?
Most Canadians are aware of the effect that RRSP contributions have on their taxes, and are aware of the deadline for making contributions each year. This is mostly due to the educational efforts of the banks and others that 'sell' RRSPs make each year - as the March 1st (or February 29th as the case may be) deadline approaches. The run for RRSPs each year illustrate that when Canadians understand the incentive system they are quite prepared to alter their behaviour to take advantage of it.
Established in 1995, First Reference provides organizations with practical and authoritative resources to help ensure compliance with constantly changing Canadian legislation and best practice