Greater than a 3rd of Canadians really feel they’re leaving cash on the desk this tax season

  • 96 p.c of Canadians plan to file their tax return earlier Might 2Ra time restrict
  • 72 p.c will declare correct covid associated tax advantages
  • Solely 17 p.c described tax planning as an all-year exercise
  • 60 per cent anticipated to get tax refund; anticipated to be the typical quantity $2,400

Winnipeg, MB, April 28, 2022 /CNW/ – with Might 2Ra With the deadline for many Canadians to file their 2021 tax returns quick approaching, IG Wealth Administration (IG) immediately launched the findings of a research that exhibits many are frightened they are going to be on the desk this 12 months. leaving cash. Additional, they’re expressing doubt whether or not they’re taking full benefit of all of the tax advantages out there to them.

The research, performed in partnership with Polara Strategic Insights, discovered that greater than a 3rd (36 p.c) of filers really feel they don’t seem to be doing their taxes effectively and leaving {dollars} on the desk. Different main findings embody:

  • Sixty-six p.c of Canadians plan to file their 2021 tax return earlier than the deadline (up 2 p.c from final 12 months).
  • Lower than half (40 p.c) really feel very assured that they’re making the most of all of the tax deductions which can be out there to them.
  • 72 per cent are assured that they may declare a correct Covid-related tax deduction, whereas solely 50 per cent reported having understanding.

“Our research clearly exhibits that the overwhelming majority of Canadians are accountable and intend to file their taxes earlier than the deadline,” it mentioned. Damon Murchison, President and CEO, IG Wealth Administration. “Nevertheless, the findings additionally recommend that many individuals should not getting ready their tax returns in probably the most environment friendly method and stay unclear about many tax-related issues.”

“Given the complexity of tax laws, it’s a good suggestion for Canadians to hunt the help of an expert who can assist with tax submitting. However tax submitting is just not a tax plan, in order that they have to be developed holistically. You must also work with an advisor to do that. Tax technique as a part of a complete monetary plan. Each greenback you do not have to pay in taxes can go in the direction of increase your investments and financial savings and can assist you construct your financial savings. can assist attain monetary objectives quicker,” Murchison mentioned.

Tax Planning – Pondering Past the Deadline

The research additionally discovered that lower than half of Canadians contemplate tax planning all year long, with solely 17 p.c describing it as an all-year exercise.

“Many people solely take into consideration earnings tax-related points over the last quarter of the calendar 12 months,” Mr. Murchison mentioned. “There are lots of advantages to creating this a daily exercise, together with ensuring you may have all the important thing paperwork and receipts, having the ability to defer and scale back taxes based mostly on the tax deductions and credit out there to you, and Not in a scenario the place it’s a must to scramble. Final minute to settle and file earlier than the deadline.”

Tax Refunds – Financial savings & Journey

One other space of ​​research was tax refunds. Sixty p.c of respondents mentioned they anticipated a tax refund for the 2021 tax 12 months. Common refund anticipated to be approx $2,400, By way of what they had been planning to make use of the cash for, the highest recognized actions included:

  • saving and/or investing (29 p.c);
  • journey (14 p.c);
  • residence renovation (9 p.c); And
  • Repay a mortgage (6 p.c).

About IG Wealth Administration

Based in 1926, IG Wealth Administration is a nationwide chief in delivering personalised monetary options to Canadians by means of a community of advisors based mostly in Canada. Canada, Along with an unique household of mutual funds and different funding automobiles, IG affords a variety of different monetary providers. IG Wealth Administration $116.3 billion As within the property underneath recommendation 31 March 2022 and IGM Monetary Inc. (TSX: IGM) is a member of the Group of Corporations. IGM Monetary is considered one of Canadian Main diversified wealth and asset administration firms with approx. $268.3 billion In complete belongings underneath administration and recommendation 31 March 2022,

Concerning the Polara Research

This research was performed with an internet pattern of 1,501 grownup Canadians amongst March 31scheduled tribe And 7 Aprilth2022. The outcomes of a random pattern of this dimension will be thought of correct to inside ±2.5 p.c, 19 occasions out of 20. The outcomes are weighted by gender, age and area utilizing the most recent census information to characterize. The inhabitants of Canada as a complete.

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For extra info: English Media Inquiry: Hilary Bassett, 416-951-7558, [email protected], French Media Inquiry: Lara Berguglia, 514-994-2382, [email protected]

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