News Feed Item

Annual BMO Nesbitt Burns Tax Study: Ninety Per Cent of Canadians Feel Confident That Their 2013 Tax Return Maximizes Their Tax Savings

- One-quarter of all Canadians have already filed their tax returns

TORONTO, ONTARIO -- (Marketwired) -- 03/31/14 -- BMO Nesbitt Burns today announced the results of its fourth annual national tax study, which found that the overwhelming majority of Canadians are feeling confident that their 2013 tax returns will take advantage of all the tax deductions, tax credits and other tax savings that may be available to them. Moreover, over two-thirds (70 per cent) of Canadians plan to file their taxes before the April 30 deadline, with one-quarter (25 per cent) having already filed.

The study also found that when Canadians were asked how knowledgeable they felt about a list of issues related to their tax returns, they felt the most aware of how their income is taxed generally (77 per cent) and the tax implications of contributing to a Registered Retirement Savings Plan (75 per cent).

However, they are less confident of their understanding how investments are taxed, with only 41 per cent reporting that they are familiar with how capital gains and dividend income are treated from a tax perspective.

"It's encouraging to see that such a large percentage of Canadians are feeling upbeat about the job they are doing in preparing their tax returns," said John Waters, Vice-President, Head of Tax & Estate Planning, BMO Nesbitt Burns. "However, understanding how investments are taxed is an important part of good financial planning. If you want to derive the maximum return from your investment portfolio, then it's critical that you be tax smart and understand the potential tax implications that could arise when you make an investing decision."

Mr. Waters stressed that a financial professional can play a critical role in making an investment portfolio more tax efficient. For example, BMO Nesbitt Burns' investment advisors work with clients to determine investment solutions that best fit their specific needs and goals. This may include considering tax implications when investing and when transitioning assets to the next generation.

What are Canadians planning to do with their tax refunds this year?

The study also examined what those who expect a tax refund plan to do with the money:

--  Thirty-seven per cent will cover household bills and/or reduce their
    debt load (credit card balances and debt other than mortgage).
--  Twenty-eight per cent will save or invest.
--  Thirteen per cent will fund vacations or purchase leisure items.
--  Eleven per cent will do home renovations.
--  Just under 10 per cent have decided to pay down their mortgages.
--  Three per cent will donate to charitable causes.

"Canadians' financial priorities and situations differ depending on their unique needs and goals, but it's great to see that the majority of those who are expecting a tax refund will use the money to cover basic expenses, reduce their overall debt and/or save and invest for the future," concluded Mr. Waters.

Regional Breakdown:

                                  % who feel confident
                                  that their completed
                                      tax return takes
              % who plan to file  advantage of all the     % who plan to use
          their taxes before the   tax deductions, tax   their tax return to
           April 30 deadline (in  credits or other tax   pay household bills
             addition to the 25%   savings that may be   and/or reduce their
Region     who've already filed)     available to them     overall debt load
National                      70                    90                    37
Atlantic                      68                    88                    50
Quebec                        63                    90                    32
Ontario                       76                    91                    37
Prairies                      66                    89                    40
Alberta                       71                    91                    33
B.C.                          68                    86                    38

The survey was conducted by Pollara between March 14th and March 17th, 2014 with an online sample of 1,007 Canadians. The margin of error for a probability sample of this size is +/- 3.1%, 19 times out of 20.

For more information on tax efficient investing and planning locate a BMO Nesbitt Burns Investment Advisor at www.bmo.com/nesbittburns.

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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
In the next five to ten years, millions, if not billions of things will become smarter. This smartness goes beyond connected things in our homes like the fridge, thermostat and fancy lighting, and into heavily regulated industries including aerospace, pharmaceutical/medical devices and energy. “Smartness” will embed itself within individual products that are part of our daily lives. We will engage with smart products - learning from them, informing them, and communicating with them. Smart produc...
SYS-CON Events announced today that 910Telecom will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Housed in the classic Denver Gas & Electric Building, 910 15th St., 910Telecom is a carrier-neutral telecom hotel located in the heart of Denver. Adjacent to CenturyLink, AT&T, and Denver Main, 910Telecom offers connectivity to all major carriers, Internet service providers, Internet backbones and ...
Extreme Computing is the ability to leverage highly performant infrastructure and software to accelerate Big Data, machine learning, HPC, and Enterprise applications. High IOPS Storage, low-latency networks, in-memory databases, GPUs and other parallel accelerators are being used to achieve faster results and help businesses make better decisions. In his session at 18th Cloud Expo, Michael O'Neill, Strategic Business Development at NVIDIA, focused on some of the unique ways extreme computing is...
SYS-CON Events announced today that Coalfire will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Coalfire is the trusted leader in cybersecurity risk management and compliance services. Coalfire integrates advisory and technical assessments and recommendations to the corporate directors, executives, boards, and IT organizations for global brands and organizations in the technology, cloud, health...
In his session at 19th Cloud Expo, Claude Remillard, Principal Program Manager in Developer Division at Microsoft, will contrast how his team used config as code and immutable patterns for continuous delivery of microservices and apps to the cloud. He will show the immutable patterns helps developers do away with most of the complexity of config as code-enabling scenarios such as rollback, zero downtime upgrades with far greater simplicity. He will also have live demos of building immutable pipe...
SYS-CON Events announced today that Transparent Cloud Computing (T-Cloud) Consortium will exhibit at the 19th International Cloud Expo®, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. The Transparent Cloud Computing Consortium (T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data proces...
The Internet of Things (IoT), in all its myriad manifestations, has great potential. Much of that potential comes from the evolving data management and analytic (DMA) technologies and processes that allow us to gain insight from all of the IoT data that can be generated and gathered. This potential may never be met as those data sets are tied to specific industry verticals and single markets, with no clear way to use IoT data and sensor analytics to fulfill the hype being given the IoT today.
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
In his general session at 18th Cloud Expo, Lee Atchison, Principal Cloud Architect and Advocate at New Relic, discussed cloud as a ‘better data center’ and how it adds new capacity (faster) and improves application availability (redundancy). The cloud is a ‘Dynamic Tool for Dynamic Apps’ and resource allocation is an integral part of your application architecture, so use only the resources you need and allocate /de-allocate resources on the fly.
Traditional on-premises data centers have long been the domain of modern data platforms like Apache Hadoop, meaning companies who build their business on public cloud were challenged to run Big Data processing and analytics at scale. But recent advancements in Hadoop performance, security, and most importantly cloud-native integrations, are giving organizations the ability to truly gain value from all their data. In his session at 19th Cloud Expo, David Tishgart, Director of Product Marketing ...
As data explodes in quantity, importance and from new sources, the need for managing and protecting data residing across physical, virtual, and cloud environments grow with it. Managing data includes protecting it, indexing and classifying it for true, long-term management, compliance and E-Discovery. Commvault can ensure this with a single pane of glass solution – whether in a private cloud, a Service Provider delivered public cloud or a hybrid cloud environment – across the heterogeneous enter...
So you think you are a DevOps warrior, huh? Put your money (not really, it’s free) where your metrics are and prove it by taking The Ultimate DevOps Geek Quiz Challenge, sponsored by DevOps Summit. Battle through the set of tough questions created by industry thought leaders to earn your bragging rights and win some cool prizes.
We're entering the post-smartphone era, where wearable gadgets from watches and fitness bands to glasses and health aids will power the next technological revolution. With mass adoption of wearable devices comes a new data ecosystem that must be protected. Wearables open new pathways that facilitate the tracking, sharing and storing of consumers’ personal health, location and daily activity data. Consumers have some idea of the data these devices capture, but most don’t realize how revealing and...
A completely new computing platform is on the horizon. They’re called Microservers by some, ARM Servers by others, and sometimes even ARM-based Servers. No matter what you call them, Microservers will have a huge impact on the data center and on server computing in general. Although few people are familiar with Microservers today, their impact will be felt very soon. This is a new category of computing platform that is available today and is predicted to have triple-digit growth rates for some ...
Governments around the world are adopting Safe Harbor privacy provisions to protect customer data from leaving sovereign territories. Increasingly, global companies are required to create new instances of their server clusters in multiple countries to keep abreast of these new Safe Harbor laws. Is it worth it? In his session at 19th Cloud Expo, Adam Rogers, Managing Director of Anexia, Inc., will discuss how to keep your data legal and still stay in business.