Welcome!

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
Building a cross-cloud operational model can be a daunting task. Per-cloud silos are not the answer, but neither is a fully generic abstraction plane that strips out capabilities unique to a particular provider. In his session at 20th Cloud Expo, Chris Wolf, VP & Chief Technology Officer, Global Field & Industry at VMware, will discuss how successful organizations approach cloud operations and management, with insights into where operations should be centralized and when it’s best to decentraliz...
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Deep learning has been very successful in social sciences and specially areas where there is a lot of data. Trading is another field that can be viewed as social science with a lot of data. With the advent of Deep Learning and Big Data technologies for efficient computation, we are finally able to use the same methods in investment management as we would in face recognition or in making chat-bots. In his session at 20th Cloud Expo, Gaurav Chakravorty, co-founder and Head of Strategy Development ...
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Imagine having the ability to leverage all of your current technology and to be able to compose it into one resource pool. Now imagine, as your business grows, not having to deploy a complete new appliance to scale your infrastructure. Also imagine a true multi-cloud capability that allows live migration without any modification between cloud environments regardless of whether that cloud is your private cloud or your public AWS, Azure or Google instance. Now think of a world that is not locked i...
Technology innovation is the driving force behind modern business and enterprises must respond by increasing the speed and efficiency of software delivery. The challenge is that existing enterprise applications are expensive to develop and difficult to modernize. This often results in what Gartner calls "Bimodal IT," where business struggle to apply modern tools and practices to traditional monolithic applications. But these existing assets can be modernized and made more efficient without havin...
Most companies are adopting or evaluating container technology - Docker in particular - to speed up application deployment, drive down cost, ease management and make application delivery more flexible overall. As with most new architectures, this dream takes a lot of work to become a reality. Even when you do get your application componentized enough and packaged properly, there are still challenges for DevOps teams to making the shift to continuous delivery and achieving that reduction in cost...
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
SYS-CON Events announced today that Auditwerx will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Auditwerx specializes in SOC 1, SOC 2, and SOC 3 attestation services throughout the U.S. and Canada. As a division of Carr, Riggs & Ingram (CRI), one of the top 20 largest CPA firms nationally, you can expect the resources, skills, and experience of a much larger firm combined with the accessibility and attent...
SYS-CON Events announced today that Technologic Systems Inc., an embedded systems solutions company, will exhibit at SYS-CON's @ThingsExpo, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Technologic Systems is an embedded systems company with headquarters in Fountain Hills, Arizona. They have been in business for 32 years, helping more than 8,000 OEM customers and building over a hundred COTS products that have never been discontinued. Technologic Systems’ pr...
SYS-CON Events announced today that CA Technologies has been named “Platinum Sponsor” of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY, and the 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business – from apparel to energy – is being rewritten by software. From ...
SYS-CON Events announced today that HTBase will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. HTBase (Gartner 2016 Cool Vendor) delivers a Composable IT infrastructure solution architected for agility and increased efficiency. It turns compute, storage, and fabric into fluid pools of resources that are easily composed and re-composed to meet each application’s needs. With HTBase, companies can quickly prov...
SYS-CON Events announced today that Loom Systems will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Founded in 2015, Loom Systems delivers an advanced AI solution to predict and prevent problems in the digital business. Loom stands alone in the industry as an AI analysis platform requiring no prior math knowledge from operators, leveraging the existing staff to succeed in the digital era. With offices in S...
In his session at Cloud Expo, Alan Winters, an entertainment executive/TV producer turned serial entrepreneur, will present a success story of an entrepreneur who has both suffered through and benefited from offshore development across multiple businesses: The smart choice, or how to select the right offshore development partner Warning signs, or how to minimize chances of making the wrong choice Collaboration, or how to establish the most effective work processes Budget control, or how to max...
What if you could build a web application that could support true web-scale traffic without having to ever provision or manage a single server? Sounds magical, and it is! In his session at 20th Cloud Expo, Chris Munns, Senior Developer Advocate for Serverless Applications at Amazon Web Services, will show how to build a serverless website that scales automatically using services like AWS Lambda, Amazon API Gateway, and Amazon S3. We will review several frameworks that can help you build serverle...