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Marketwired
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BMO RRSP Study: One Third of Canadians Have Withdrawn Funds From Their RRSPs Before Retirement / The average amount Canadians have taken out of their RRSPs is $15,908 - The top reasons for making a withdrawal include to buy a home, pay off debt, and

TORONTO, ONTARIO -- (Marketwired) -- 02/25/16 -- BMO Financial Group today released a study which found that 34 per cent of Canadians have withdrawn money from their RRSP before retirement. The study examined the reasons behind Canadians' decision to make these withdrawals and their concerns about the consequences.

According to the study, on average, Canadians have withdrawn $15,908 from their RRSPs. One third have paid back the money but 25 per cent expect they will never pay it back.

The top reasons for making RRSP withdrawals, include:

--  To buy a home (25 per cent)
--  To pay off debt (21 per cent)
--  To help pay living expenses (21 per cent)
--  To cover costs after an emergency, such as a car accident or house flood
    (15 per cent)

"Although it's not advisable to make withdrawals from an RRSP, it's clear that some Canadians have had to do so in order to meet short-term needs," said Chris Buttigieg, Senior Manager, Wealth Planning Strategy, BMO Wealth Management. "There are tax consequences associated with making early withdrawals from your RRSPs, so it's a good idea to speak with a financial professional to see if you have any other options before doing so."

"Making an RRSP withdrawal to free up funds should only be considered as a last resort. To meet unexpected future needs, consider building up a contingency fund in a short-term savings vehicle such as a TFSA or savings account instead of dipping into your RRSP," Mr. Buttigieg added. "It's best to only make premature RRSP withdrawals for the purpose of buying a new home or paying for continuing education, as these withdrawals may qualify for the Home Buyers Plan or the Life Long Learning Plan, respectively."

Withdrawing With Reason

The study also found that, of those Canadians who have made an RRSP withdrawal, the majority (84 per cent) said they only did so as a last resort. Three quarters said they were very concerned about the potential consequences of this decision, including:

--  Loss of retirement income (79 per cent)
--  Withholding tax on the cash at the time of withdrawal (77 per cent)
--  Not being able to save effectively for retirement (77 per cent)
--  Loss of contribution room in the future (62 per cent)

"If you've withdrawn from your RRSP early, a financial professional can help you assess the impact on your retirement savings and get your plans for your golden years back on track," said Mr. Buttigieg.

Regional Breakdown

----------------------------------------------------------------------------
                                            % who have paid   Top reason for
          % who have made   Average amount             back           making
                  an RRSP   withdrawn from        the money          an RRSP
Region         withdrawal            RRSPs        withdrawn       withdrawal
----------------------------------------------------------------------------
National               34          $15,908               33    To buy a home
----------------------------------------------------------------------------
                                                                 To help pay
Atlantic               40           $8,509               34  living expenses
----------------------------------------------------------------------------
Quebec                 30          $12,622               42    To buy a home
----------------------------------------------------------------------------
                                                                 To help pay
Ontario                35          $17,092               30  living expenses
----------------------------------------------------------------------------
Alberta                32          $16,538               35    To buy a home
----------------------------------------------------------------------------
B.C.                   33          $24,100               28    To buy a home
----------------------------------------------------------------------------

The BMO RRSP Survey was conducted by Pollara between December 30, 2015, and January 4, 2016, with an online sample of 2,177 adult Canadians. Data have been weighted using the latest census data to be representative in terms of age, gender and region. The margin of error for a probability sample size of 1,500 is +/- 2.5% and for a sample size of 2,177 is +/- 2.1%, 19 times out of 20.

For more information on saving for retirement, please visit www.bmo.com/retirement.

Get the latest BMO press releases via Twitter by following @BMOmedia. Also, get additional timely updates, related articles and insight on Twitter, Facebook and Linkedin.

About BMO Financial Group

Established in 1817, BMO Financial Group is a highly diversified financial services provider based in North America. With total assets of $699 billion as of January 31, 2016, and close to 47,000 employees, BMO provides a broad range of retail banking, wealth management and investment banking products and services to more than 12 million customers and conducts business through three operating groups: Personal and Commercial Banking, Wealth Management and BMO Capital Markets.

Contacts:
Media Contacts:
Jessica Bonin, Toronto
416-867-3996
jessica.bonin@bmo.com

Valerie Doucet, Montreal
514-877-8224
valerie.doucet@bmo.com

© 2016 Marketwired
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