Two thirds of Canadians won’t increase TFSA contributions

A new poll by CIBC found that Canadians seem less keen to save than the government would like. While 10 per cent of respondents said that they normally take advantage of the maximum limit for TFSA’s and will try to increase savings to the new $10,000 limit; and another 17 per cent said they want to push savings above $5,500 but maybe not to the maximum; 34 per cent said that they didn’t have the money or had other investment plans. The poll showed that 30 per cent would either contribute less than the old limit or would not be able to contribute at all this year. Recent polls have shown that Canadians are more focused on paying down debt including mortgages rather than saving more for retirement.

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