Cash-strapped Canadians put less into TFSAs in 2016, survey finds
TORONTO — A new survey suggests Canadians contributed less to their tax-free savings accounts last year, mostly because they didn’t have enough money to invest.
The Bank of Montreal’s annual TFSA survey found respondents contributed an average of $4,592 into their accounts last year — $939 less than the year before.
Forty-three per cent indicated that drop was due to a lack of funds, while 36 per cent said they required the cash for other expenses.
Respondents estimated they would contribute even less this year, estimating an average of $4,325.