Cana­di­ans will­ing to take money from their RSP

The Pak Banker - - Front Page -

TORONTO

A re­cent Sco­tia­bank poll found that more Cana­di­ans are will­ing to take money from their RSP to pay off other ex­penses than in past years. How­ever, the top rea­son cited for with­draw­ing the money from an RSP was to buy a first home (40 per cent).

That said, tak­ing money out of RSPs has been on the rise, with one-third of RSP hold­ers (36 per cent) re­port­ing tak­ing money out of their RSP this year, up from 23 per cent back in 2005.

Ad­di­tional find­ings on Cana­dian habits per­tain­ing to their RSPs in­clude in 2012, the av­er­age amount Cana­di­ans with­drew from their RSP was $24,531.

In 2005, the av­er­age amount Cana­di­ans with­drew from their RSP was $10,716.

Four­teen per cent of Cana­di­ans took money out of their RSPs to cover day-to-day liv­ing ex­penses, and six per cent took money out to pay for a va­ca­tion.

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