Only 38% of Canadians contributed to a Registered Retirement Savings Plan before the March 1 deadline, according to a Bank of Montreal commissioned survey.

An overwhelming 56% of respondents did not make a contribution. Cash flow issues came out on top as the primary reason for missing the RRSP contribution deadline, with 64% of respondents citing a lack of available funds as the main reason.

Advisors can help cliens avoid missing future RRSP deadlines by sharing the following day-to-day saving tips:

• Setting up automatic bi-weekly payments from your banking account to your RRSP can be an easy way to generate savings.

• Filling up your cup at the office instead of buying from the local coffee shop can result in an extra $80 a month in savings that can go directly towards retirement.

• Bringing a lunch from home every day can save upwards of $100 per month and make a huge impact on monthly savings.

• Cancelling memberships you are not taking advantage of, such as a fitness or golf club membership, can clear up space in your expense column and add to savings.

• If you have finished paying off your mortgage, put the monthly payments towards an RRSP.

The survey was conducted using an online survey by Leger Marketing with a total sample of 1,516 adult Canadians, between February 22 and 25, 2010.

IE