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RRSP Deadline Poll: One-third of eligible Canadians still planning an RRSP contribution with time running out


RRSP Deadline Poll: One-third of eligible Canadians still planning an RRSP contribution with time running out

With the deadline looming on March 1, more Canadians say they will be contributing at the last minute this year

TORONTO, Feb. 25, 2013 /CNW/ - A new CIBC (CM: TSX; NYSE) Poll conducted by Harris/Decima reveals nearly one-third of eligible Canadians (32 per cent) say they still have to make an RRSP contribution for the 2012 tax year before the deadline on March 1, 2013.  The poll, which concluded just last week, also revealed that among those Canadians still planning to make a contribution before the deadline, more than half say they are going to put it off until the last 48 hours.

Highlights of the poll, which concluded on February 18(th), include:


    --  32 per cent of Canadians say they still have to make a
        contribution toward their RRSP, an increase compared to 25 per
        cent of eligible Canadians at the same time last year
    --  Among those that say they still need to make a contribution
        this week, 13 per cent haven't made any RRSP contributions for
        the 2012 tax year yet, while the other 19 per cent say they
        have made part of their contribution over the last 12 months
    --  Among those Canadians planning to make a contribution before
        the deadline, more than half (51 per cent) say they are likely
        to wait until the last 48 hours

"Everyone's busy, but the time you spend assessing your savings options is an 
investment in your future and this is the week to make it a priority if you 
haven't yet made your contribution," said Christina Kramer, Executive Vice 
President, Retail Distribution and Channel Strategy, CIBC. "There is still 
time left before the deadline to sit down with an advisor and talk about which 
retirement savings option is right for you."

Younger Canadians more likely to procrastinate

Among those most likely to leave their RRSP contribution to the last minute 
are Canadians aged 25 - 44, with 40 per cent saying they still need to make a 
contribution before the March 1(st) deadline.  With so many Canadians in this 
age group leaving their contribution to the last minute, some may simply run 
out of time and miss the deadline at the end of this week.

"Canadians balancing debt and savings need to consider both sides of their 
finances when making decisions about retirement savings, which is what makes 
it even more important to spend some time evaluating their options before the 
deadline," added Ms. Kramer.

For those Canadians leaving their RRSP contributions to this week, there are 
options available to help make that last minute deposit. Clients can visit 
cibc.com to find a branch close to their home or work, or find out how to 
contribute online or by phone, 24 hours a day.

To help manage your last minute RRSP contributions, CIBC offers the following 
tips:

Visit your nearest CIBC branch to meet with an Advisor: An advisor can also 
help to identify opportunities to build savings and structure a repayment plan 
that allows for debt reduction, both key elements of a long term retirement 
strategy. You can locate your nearest CIBC branch through the branch locator 
tool at www.cibc.com simply by entering your postal code.

Contribute by Phone: 24 hours a day, you can call 1-800-465-CIBC (2422) to 
discuss your RRSP options over the phone and make a contribution from an 
existing CIBC account.

Make your Contribution Online: CIBC clients can log into CIBC Online Banking 
at www.cibc.com to deposit funds to an RRSP from an existing CIBC account 
before the deadline.

Contribute regularly: Even if you find yourself short on funds this year, now 
is the time to start making regular contributions to your retirement plan.  
Contributing smaller amounts more often is easier than coming up with one lump 
sum, so that you don't find yourself in the same position before next year's 
RRSP deadline.

KEY POLL FINDINGS

Percentage of Canadians who still have to make an RRSP contribution before the 
March 1, 2013 deadline for the 2012 tax year, by region:

National                    32%

Atlantic Canada             26%

Quebec                      30%

Ontario                     32%

Manitoba and Saskatchewan   31%

Alberta                     34%

British Columbia            33%

Percentage of Canadians who still have to make an RRSP contribution before the 
March 1, 2013 deadline for the 2012 tax year, by age:

National           32%

18-24 years old    38%

25-34 years old    45%

35-44 years old    34%

45-54 years old    36%

55-64 years old    21%

65+                14%

Percentage of Canadians (under 72 years of age) who have contributed to a TFSA 
so far in 2013, by region:

National                    23%

Atlantic Canada             20%

Quebec                      20%

Ontario                     25%

Manitoba and Saskatchewan   23%

Alberta                     20%

British Columbia            23%

*Each week, Harris/Decima interviews just over 1000 Canadians through teleVox, 
the company's national telephone omnibus survey. These data were gathered in a 
sample of 855 RRSP eligible Canadians between February 14 - 17, 2013. A sample 
of this size has a margin of error of +/-3.4%, 19 times out of 20.

CIBC is a leading North American financial institution with nearly 11 million 
personal banking and business clients. CIBC offers a full range of products 
and services through its comprehensive electronic banking network, branches 
and offices across Canada, and has offices in the United States and around the 
world. You can find other news releases and information about CIBC in our 
Press Centre on our corporate website at www.cibc.com.

Sean Hamilton, 416-304-8456, sean.hamilton@cibc.com

SOURCE: CIBC

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/25/c8016.html

CO: Canadian Imperial Bank of Commerce
ST: Quebec
NI: FIN ECOSURV 

-0- Feb/25/2013 11:00 GMT

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