TORONTO, ONTARIO -- (Marketwire) -- 02/28/13 -- BMO Financial Group reminds Canadians that they have until midnight on Friday to make a contribution to a Registered Retirement Savings Plan (RRSP) in order to take advantage of valuable 2012 tax deductions.
According to a BMO Financial Group RRSP study, 74 per cent of Canadians with an RRSP said they had already made or planned to make a contribution towards their RRSP before the deadline. Additionally, three-quarters of those surveyed indicated that they planned to contribute the same amount or more compared to last year (the average amount contributed for the 2011 tax year was $4,670).
For Canadians interested in making a last-minute contribution to their RRSP, BMO has a variety of options available:
-- Visit a local BMO Bank of Montreal branch to contribute in person-- Call 1-800-665-7700 to make a contribution over the phone if you have an existing BMO account-- BMO clients can also visit www.bmoinvestorline.com or www.bmomutualfunds.com to contribute online until 11:59 p.m. ET on March 1st
"Investing in an RRSP and securing savings for your retirement is an investment in your future and a critical component of your overall financial plan," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Financial Group. "If you haven't already done so, make an RRSP contribution before the deadline. For those who still have contribution room available, consider a top up to fully maximize the benefits of contributing to an RRSP."
For last-minute RRSP interviews and wrap-up stories, BMO has a variety of financial experts available from across Canada who can provide investment expertise and advice on a number of topics, including:
-- Last-minute RRSP investing tips-- RRSP advice for small business owners-- What investment vehicles to include in your RRSP portfolio-- Determining how much to save for retirement-- Using your RRSP refund to invest in a TFSA-- Retirement planning and building a retirement strategy
For more information, please visit www.bmo.com/retirement.
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Rachael Mckay, Toronto
Valerie Doucet, Montreal
Laurie Grant, Vancouver