The RRSP deadline is midnight tonight, but a survey suggests the cutoff won’t matter to most Canadians.

A staggering 54 per cent of respondents in the CIBC poll said they won’t make an RRSP contribution for the 2014 tax year, compared to just 32 per cent who said they definitely would.

Many said they aren’t contributing because they just don’t have the money, while others said they prefer to invest in a tax free savings account or pay down some of their debt.

“Debt levels of course are at record highs for Canadians,” said Jamie Golombek, CIBC director of wealth advisory services.

“Therefor Canadians with large mortgages... or other kinds of debt are taking those extra funds and paying down that debt rather than saving for retirement.”

Many who planned to contribute left it to the last minute, including 14 per cent who said they have a habit of leaving RRSP contributions to the 11th hour.

CIBC recommends Canadians save for their retirement year-round, however, not just as the deadline approaches.

Retirees sometimes complain about the taxes on their RRSPs, but Golombek said that shouldn’t dissuade anyone from using an RRSP to prepare for their golden years.

“Would they have been better off not contributing? We certainly don’t think so,” he said.

CIBC’s online survey was conducted from Feb. 13 to 15 among 1,504 randomly selected Canadian adults who are Angus Reid Forum panelists. It has a margin of error of plus or minus 2.53 per cent, 19 times out of 20.

With a report from CTV Vancouver’s St. John Alexander