Lack of a year-round strategy weighs on Canadian tax returns: Study
BNN Bloomberg
Many Canadians do not have a year-round strategy for their taxes, leaving them with suboptimal returns, according to a new study.
Findings from IG Wealth Management’s annual tax study, released Wednesday, showed 22 per cent of respondents indicated that they make tax planning a priority over the course of the year. Thirty-six per cent of those surveyed view a year-round tax strategy as unimportant.
“Everyone who pays taxes can benefit from year-round tax planning as part of their larger financial plan, especially these days given the cost-of-living crisis and a higher interest rate environment,” Damon Murchison, the president and chief executive officer at IG Wealth Management, said in a news release.
Additionally, the study found that one-in-10 Canadians, or 10 per cent of those surveyed, felt assured they receive all the tax credits available to them.