BMO Nesbitt Burns Tax Study: Only a Quarter of Canadians Consider End-of-Year Tax Deadlines
- Majority of Canadians wait until the new year to start thinking about their income tax return - Eighty-eight per cent feel they are familiar with income tax issues - However, the majority of Canadians remain unfamiliar with key income tax deadlines, including those related to charitable donations, final RRSP contributions and TFSA withdrawals
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 12/13/13 -- According to a study released today by BMO Nesbitt Burns, Canadians may be leaving dollars on the table by not considering key end-of-year-tax deadlines. The study found that fewer than a quarter of Canadians (24 per cent) think about income tax return-related issues prior to the end of the year, while overall, 85 per cent think about these issues by the start of the new year (50 per cent) or by the period just before the April filing deadline (35 per cent).
"Important tax deadlines occur at or before the end of the year that Canadians should be considering," said John Waters, Vice-President, Head of Tax & Estate Planning, BMO Nesbitt Burns. "The end of December marks an important time for many who are looking to minimize the amount of taxes they pay on their income this year."
Mr. Waters also noted that tax planning should be considered a year-round activity and, more generally, the end of the year is an opportune time to review and plan one's overall financial situation.
The study also found that the vast majority of Canadians (88 per cent) feel that they are familiar with income tax deadlines (compared to 93 per cent last year). However, when asked about various specific tax deadlines, many could not identify the correct dates:
BMO Nesbitt Burns offers the following year-end tax-saving strategies:
1. Payment of Quarterly Tax Installments - Deadline: December 15(i)
2. Tax-loss Selling - Deadline: December 24
3. Charitable Donations & Other Tax Credits/Deductions - Deadline: December 31
4. TFSA Withdrawals - Deadline: December 31
5. RRSP Contributions for those turning 71 - Deadline: December 31
Regional Results:
Further regional data is available upon request
For more information on tax efficient investing and planning locate a BMO Nesbitt Burns Investment Advisor at .
Get the latest BMO press releases via Twitter by following (at)BMOmedia
(i) When a due date falls on a Saturday, a Sunday, or a holiday recognized by the CRA, payment will be considered on time if received the next business day.
Contacts:
Media Contacts:
Veronica Bart, Toronto
416-867-3996
Valerie Doucet, Montreal
(514) 877-8224
Laurie Grant, Vancouver
(604) 665-7596
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Datum: 13.12.2013 - 11:00 Uhr
Sprache: Deutsch
News-ID 324141
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contact information:
Town:
TORONTO, ONTARIO
Kategorie:
Commercial & Investment Banking
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