On my way to a drive-up cash machine recently, I glanced inside my bank branch expecting to see lines of people waiting to make RRSP contributions. After all, the deadline for 2009 RRSP contributions is only about a week away. However, I didn’t see anyone waiting. Of course, this is only a single snapshot in time at one bank branch, but it left me wondering if this year’s RRSP season is fizzling.
There are some good reasons to expect this to be a weak RRSP season. Unemployment is still high, the economy over the last year or so has been weak, and TFSAs are competing for people’s retirement dollars.
I’d be interested to hear what others have observed about the strength of this RRSP season. In particular, if any readers work for a bank or other institution offering RRSP accounts, how is this season shaping up?