One-half of small business owners contribute to RRSP: Survey

More than 50 per cent plan to fund retirement through the sale of their business
|payroll-reporter.com|Last Updated: 04/20/2011

About 50 per cent of small business owners have made a contribution or were planning to make a contribution to their RRSPs in 2010, according to a BMO Financial Group report.

A survey of 507 small business owners across the country, conducted by Leger Marketing, found 62 per cent plan to use RRSPs as part of their retirement strategy, while 51 per cent look to the sale of their business to fund their retirement.

Of those surveyed, 82 per cent of the businesses had less than 10 employees and 15 per cent had 10-49.

Ontario business owners (60 per cent) are the most likely to say they plan on using the money from selling their businesses to fund their retirement. Entrepreneurs in Quebec and British Columbia are the least likely to fund their retirement this way, at 43 per cent and 36 per cent respectively.

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