Group urges year-round contributions - Canadian Association of Insurance and Financial Advisors - to RRSPs

Money Digest, May, 1999

A membership survey by the Canadian Association of Insurance and Financial Advisors (CAIFA) found that 53% of members' clients wait until January or February to contribute to their RRSP.

Reasons stated as to why contributions were made so late included insufficient cash flow due to high debt levels and high personal taxes. The association doesn't feel that waiting to contribute to an RRSP is a prudent practice and has launched Financial Check-Up '99.

The first part of the CAIFA initiative began with a public education campaign that informs Canadians about the benefits of contributing to an RRSP year-round.