Press Releases

TORONTO, ONTARIO -- (MARKET WIRE) -- 02/11/12 -- BMO Bank of Montreal recognizes an important milestone that Canadian consumers will reach this Sunday - Food Freedom Day 2012. According to the Canadian Federation of Agriculture, this day is the calendar date by which the average Canadian will have earned enough money to pay for groceries for the entire year.

Canadians spend an average of just over $7,000 on food annually, which is approximately 10 per cent of household expenditures. That compares to $5,700 (11.4 per cent of household expenditures) in 1997. By comparison, food consumption accounts for 45 per cent of household expenses in Indonesia, 39 per cent in China, and more than 13 per cent in the United States, according to the United Nations Food and Agriculture Organization.

"Concern about widespread food price inflation is receding as the supply outlook for a number of agricultural commodities improves," said Kenrick Jordan, Senior Economist, BMO Capital Markets. "Intense competition in food retailing is also playing a role in restraining price increases. Overall, food price increases are expected to be a fair bit lower, on average, this year compared to 2011."

When asked in a recent BMO poll, 86 per cent of Canadians responded that they felt it was important or very important that they purchase Canadian produced food.

"Canadians benefit from a strong and stable agriculture system with reliable food sources and unparalleled safety. Our study's findings reaffirm the value consumers place on these factors when deciding the food they will purchase for themselves and their families," said David Rinneard, National Manager of Agriculture, BMO Bank of Montreal. Rinneard added that "Food Freedom Day presents Canadians with an opportunity to thank our farmers and show our support for their efforts to maintain a strong and vibrant Canadian agricultural sector."

"By recognizing Food Freedom Day, we also hope to draw attention to the process that brings safe, quality food to the table of Canadians, and to encourage them to make choices at the grocery store that will support the Canadian agriculture and agri-food industry," said Ron Bonnett, President of the Canadian Federation of Agriculture.

BMO's roots in the Canadian agricultural sector date back to 1817, when it first began working with farmers. BMO Bank of Montreal provides customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves. For Canadian businesses, including those in the agriculture and agri-food sectors, looking to innovate, enhance productivity, and grow their business, BMO Bank of Montreal recently announced a credit boost of $10 Billion over the next three years.

Fast Facts About Canada's Agriculture Industry:

--  The agriculture and agri-food sector plays an important role in the
    Canadian economy, employing one in eight jobs directly and accounting
    for 8.1 per cent of total GDP, according to Agriculture and Agri-Food
    Canada.
--  Local farmers' markets are responsible for over $1 billion in sales and
    have a total economic effect of over $3 billion.

Survey was completed online from January 23-25, 2012, using Leger Marketing's online panel, LegerWeb, with a sample of 1523 Canadians. A probability sample of the same size would yield a margin of error of +/-2.51 per cent 19 times out of 20.

Contacts:
For news media inquiries, please contact:
Paul Cunliffe, Toronto
416-867-7645
paul.cunliffe@bmo.com

Ronald Monet, Montreal
514-877-1873
ronald.monet@bmo.com

Laurie Grant, Vancouver
604-665-7596
laurie.grant@bmo.com
www.bmo.com

Source: BMO Bank of Montreal

TORONTO, ONTARIO--(Marketwire - Feb. 11, 2012) - BMO Bank of Montreal recognizes an important milestone that Canadian consumers will reach this Sunday - Food Freedom Day 2012. According to the Canadian Federation of Agriculture, this day is the calendar date by which the average Canadian will have earned enough money to pay for groceries for the entire year.

Canadians spend an average of just over $7,000 on food annually, which is approximately 10 per cent of household expenditures. That compares to $5,700 (11.4 per cent of household expenditures) in 1997. By comparison, food consumption accounts for 45 per cent of household expenses in Indonesia, 39 per cent in China, and more than 13 per cent in the United States, according to the United Nations Food and Agriculture Organization.

"Concern about widespread food price inflation is receding as the supply outlook for a number of agricultural commodities improves," said Kenrick Jordan, Senior Economist, BMO Capital Markets. "Intense competition in food retailing is also playing a role in restraining price increases. Overall, food price increases are expected to be a fair bit lower, on average, this year compared to 2011."

When asked in a recent BMO poll, 86 per cent of Canadians responded that they felt it was important or very important that they purchase Canadian produced food.

"Canadians benefit from a strong and stable agriculture system with reliable food sources and unparalleled safety. Our study's findings reaffirm the value consumers place on these factors when deciding the food they will purchase for themselves and their families," said David Rinneard, National Manager of Agriculture, BMO Bank of Montreal. Rinneard added that "Food Freedom Day presents Canadians with an opportunity to thank our farmers and show our support for their efforts to maintain a strong and vibrant Canadian agricultural sector."

"By recognizing Food Freedom Day, we also hope to draw attention to the process that brings safe, quality food to the table of Canadians, and to encourage them to make choices at the grocery store that will support the Canadian agriculture and agri-food industry," said Ron Bonnett, President of the Canadian Federation of Agriculture.

BMO's roots in the Canadian agricultural sector date back to 1817, when it first began working with farmers. BMO Bank of Montreal provides customized loan and deposit solutions to Canada's agri-business owners, the single largest core commercial sector that the bank serves. For Canadian businesses, including those in the agriculture and agri-food sectors, looking to innovate, enhance productivity, and grow their business, BMO Bank of Montreal recently announced a credit boost of $10 Billion over the next three years.

Fast Facts About Canada's Agriculture Industry:

--  The agriculture and agri-food sector plays an important role in the
    Canadian economy, employing one in eight jobs directly and accounting
    for 8.1 per cent of total GDP, according to Agriculture and Agri-Food
    Canada.
--  Local farmers' markets are responsible for over $1 billion in sales and
    have a total economic effect of over $3 billion.

Survey was completed online from January 23-25, 2012, using Leger Marketing's online panel, LegerWeb, with a sample of 1523 Canadians. A probability sample of the same size would yield a margin of error of +/-2.51 per cent 19 times out of 20.

FOR FURTHER INFORMATION PLEASE CONTACT:
        For news media inquiries, please contact:
        Paul Cunliffe, Toronto
        416-867-7645
        paul.cunliffe@bmo.com

        Ronald Monet, Montreal
        514-877-1873
        ronald.monet@bmo.com

        Laurie Grant, Vancouver
        604-665-7596
        laurie.grant@bmo.com
        www.bmo.com

Source: BMO Bank of Montreal

TORONTO, ONTARIO -- (MARKET WIRE) -- 02/11/12 -- As the February 29th deadline approaches to make a contribution to a Registered Retirement Savings Plan (RRSP) and as part of its ongoing commitment to improving financial literacy, BMO Financial Group will be providing daily retirement tips during the month of February from BMO Retirement Institute Head Tina Di Vito's new book 52 Ways To Wreck Your Retirement...And How To Rescue It.

Tip Number 21:

Learn how much you are entitled to receive under the Canadian Pension Plan (CPP) or Quebec Pension Plan (QPP)

When you estimate your retirement income, factor into the equation how much you expect to receive from the CPP or QPP (for residents of Quebec). The CPP and QPP are defined benefit pension plans that offer guaranteed income for the life of plan members. However, your entitlement will depend upon how much you contributed as a member of the plan and how long your contributions remained in the plan.

Anyone aged 18 years and older is entitled to participate in the CPP/QPP, but you must have made at least one contribution to the plan and you can only begin to receive CPP/QPP payments after you reach the age of 60. You can apply for your benefits any time between the ages of 60 and 70; you can choose to work after you have begun collecting, and you can continue to contribute until you are 70 years old.

To give you an idea of the size of pension you may be entitled to receive under the CPP/QPP, contact Service Canada and obtain a pension statement.

Tip Number 22:

Understand the benefits of the Old Age Security (OAS) pension

With the OAS pension; you are entitled to receive a monthly income after the age of 65, and eligibility is based on your age and on Canadian residency.

While the maximum OAS pension you are entitled to receive is not a large amount, it is important to understand the rules surrounding OAS pensions and how they are calculated:

1.  Residency - to get the maximum pension you need to have lived in Canada
    for 40 years after your 18th birthday.
2.  Income Taxation - the pension is taxed as ordinary income. If your
    income is relatively low then your personal income tax credits may
    offset any taxes owing.
3.  Income Threshold & Clawback - If your annual retirement income is above
    a certain threshold, you will have to repay some or all of the OAS (this
    is called the "clawback").
4.  Retirement Outside of Canada - Once you start collecting OAS you will
    continue to receive it for the rest of your life. If you retire outside
    of Canada however, you will only continue to receive your OAS pension if
    you have lived in Canada for at least 20 years after your 18th birthday
    at the time you start collecting OAS.

For more information on retirement: www.bmo.com/retirement

Get the latest BMO press releases via Twitter by following @BMOmedia.

Contacts:
For all news media enquiries please contact:
Rachael Mckay, Toronto
416-867-3996
rachael.mckay@bmo.com

Sarah Bensadoun, Montreal
514-877-8224
sarah.bensadoun@bmo.com

Laurie Grant, Vancouver
604-665-7596
laurie.grant@bmo.com

Source: BMO Financial Group and BMO Bank of Montreal