Half (49%) Of Canadians Intend To Contribute To An RRSP This Tax Year--Up Smartly From 43% Last Tax Year

Toronto, ON - Forty-nine per cent of Canadians intend to make an RRSP contribution for the 2003 tax year, up smartly from last year (43%), but consistent with previous years (51% in 2001, 53% in 2000 and 52% in 1999).

RBC Royal Bank has been tracking the RRSP investment behaviours of Canadians for the past 13 years. Prior to the year 2000, RRSP contribution intentions were on the rise from 32 per cent in 1991 to 52 per cent in 1999. Since 1999, intentions have been relatively flat with the exception of a significant drop in 2002. However, Canadians appear to be back on track in 2003 with significantly more Canadians than last year intending to contribute.

These are the findings of an RBC/Ipsos-Reid poll conducted between October 6th and October 24th, 2003. The telephone survey is based on a randomly selected sample of 1,205 adult Canadians. With a sample of this size, the results are considered accurate to within 177 2.8 percentage points, 19 times out of 20, of what they would have been had the entire adult Canadian population been polled. The margin of error will be larger within regions and for other sub-groupings of the survey population. These data were statistically weighted to ensure the sample's regional and age/sex composition reflects that of the actual Canadian population according to the 2001 Census data.

Amount Planning To Contribute Appears To Still Be On The Rise

Canadians intending a 2003 RRSP contribution state that they plan to contribute $4,964, on average, consistent with last year's $5,083 average and significantly higher than $4,512 on average in 2001 and $4,490 on average in 2000. While the number of Canadians intending to contribute to an RRSP appears to have levelled off in recent years, the amount Canadians plan to contribute has steadily risen from an average of $3,411 in 1991 to an average of $4,964 in 2003.

Please open the attached PDF files to view the factum and detailed tables.

For more information on this news release, please contact:
John Wright
Senior Vice-President
Ipsos Public Affairs
(416) 324-2900