Analysts say it appears the average contribution will be smaller this year as investors respond to market turmoil. A recent poll indicated that many investors are planning to scale back the amount of their contributions.

RRSP's are a tax-deductible way to save for retirement. Contributions are tax-deductible until the money is withdrawn and income earned from RRSP investments is not taxed, unlike other investments.

For the 2008 tax season, investors have until Monday to contribute up to 18 per cent of the income they earned in 2007 to a maximum of $20,000. If an investor contributes less than the maximum allowable, the balance is carried forward indefinitely, allowing people to make up for years in which they didn't want to, or weren't able to, make the full contribution.

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