With tax refunds coming in and new higher limits on the tax-free savings account, some Canadians are feeling optimistic about their ability to save.
A survey for CIBC found 27% of respondents plan to contribute more to the TFSA this year and 4% have already put the money in.
About 10% of those surveyed said they typically put in the full amount.
The federal government has increased the annual contribution limit for the investment accounts from $5,000 to $10,000.
The survey found 70% of respondents knew about the change.
People over age 55 were more likely to know about the increased limits, compared to younger Canadians aged 18 to 34.
The increase in TFSA limits was controversial in part because it favours wealthy seniors, who are more likely to be putting money away, while young Canadians are unlikely to be able to benefit.
About 84% of older respondents knew about the changes, compared to 55% of younger Canadians.
More than one third of respondents said they don't have the funds to top up their TFSA and 27% said they've never had a TFSA.
Among those not likely to contribute, most said they had too little money, but 4% said they would be contributing to an RRSP or RESP instead.
When compared to everyone eligible to make contributions, only about 5% of Canadians are putting the maximum amount into their TFSAs on an annual basis, according to the Finance Department.
People age 55 and older make up 70% of those contributing the limit.
The online survey was done for CIBC by Angus Reid between April 30 and May 4, just after the federal budget announcing the new limits.
The survey was conducted among 3,011 randomly selected Canadian adults who are Angus Reid Forum panelists in a group statistically weighted according to education, age, gender and region.
