RRSP contributions rebound: poll

Canadians have returned to putting money into their RRSPs, according to poll results released Friday.

A survey by Winnipeg-based Investors Group, found 36 per cent of those polled had made a contribution in the 2009 tax year, an increase over 31 per cent the year earlier, with Albertans leading that trend.

"There could be many reasons, but obviously people could be feeling more comfortable with the market and its ability to recover over time," Investors Group vice-president Debbie Ammeter told CBC News.

The company's survey for the 2007 tax year found 37 per cent made contributions.

Alberta saw the biggest increase, with 43 per cent making contributions.

"I'm guessing that the Alberta economy was more vibrant or people were more optimistic, or maybe there were more disciplined savers in terms of making sure they (made) … regular contributions rather that having to come up with a lump sum at the last minute," Ammeter said.

The poll also found more Canadians are putting money into Tax Free Savings Accounts, with 31 per cent saying they had opened a TFSA this taxation year. That compared with 17 per cent at this time last year when the TFSA program launched. Again, the highest participation rate was in Alberta, at 35 per cent.

Sixteen per cent of the sample put their RRSP contributions into lower risk assets, such as bonds and money market funds. This was unchanged from the previous year.

The survey was based on 978 telephone surveys conducted on March 2 and 3 and has a margin of error of 3.1 per cent, 19 times out of 20.