According to Statistics Canada, the median amount Canadians contributed to an RRSP in 2011 was $2,830. "If you break that down, it's only slightly more than $50 a week," says Parlee. "That's not a lot week-to-week, but it does add up over the long-term."
Misconception #2: "It's a better strategy to wait until the last minute to contribute."
Twelve percent of Canadians who waited until the last minute said they think it's the best strategy for investing in an RRSP and 45% who invest in an RRSP say they only contribute in lump-sum payments.
"If you wait until just before the deadline and make one lump-sum payment, you're missing out on the potential for compound interest throughout the year," says Parlee. "While this amount may not seem significant, it adds up over time."Misconception #3: "I shouldn't invest because of market volatility." Thirteen percent of Canadians who waited until the last minute said they didn't want to invest this year because of market volatility. "If you're worried about the impact of ups and downs in the markets on your retirement savings, an advisor can offer advice to help you protect your investment portfolio over the long-term so that you have peace of mind," adds Parlee. "He or she will look at the asset allocation that's right for your risk tolerance and the number of years until you plan to retire." Have you ever considered that your organizational habits could be an indicator of how you save money for the future? Take TD's Last-Minute Quiz to find out your retirement savings style. About the TD RRSP Deadline Poll TD Bank Group commissioned Environics Research Group to conduct an online custom survey of 2,407 Canadians 25 years of age or older. The total sample was weighted by age, gender and region to be proportionately representative of the Canadian population 25 years of age and older. Responses were collected between December 5 and 11, 2012. About TD Bank Group The Toronto-Dominion Bank and its subsidiaries are collectively known as TD Bank Group (TD). TD is the sixth largest bank in North America by branches and serves approximately 22 million customers in four key businesses operating in a number of locations in key financial centres around the globe: Canadian Personal and Commercial Banking, including TD Canada Trust and TD Auto Finance Canada; Wealth and Insurance, including TD Waterhouse, an investment in TD Ameritrade, and TD Insurance; U.S. Personal and Commercial Banking, including TD Bank, America's Most Convenient Bank, and TD Auto Finance U.S.; and Wholesale Banking, including TD Securities. TD also ranks among the world's leading online financial services firms, with more than 8.5 million online customers. TD had CDN$811 billion in assets on October 31, 2012.The Toronto-Dominion Bank trades under the symbol "TD" on the Toronto and New York Stock Exchanges. SOURCE TD Bank Group