Almost half of Canadians (56%) use an accountant or professional service to complete their tax returns, and 42% look to professionals for financial advice, finds a survey by Thomson Reuters. Canadians cite confusion and time restrictions among the most common sentiments toward filing their tax return.
“Canadians need to be an advocate for their own personal finances — tax season is a perfect opportunity to do financial review,” says Malcolm Campbell, VP Professional & Consumer Software & Services, Thomson Reuters Canada.
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Additional survey findings include:
- 28% plan to use tax software to complete their return this year; this number is highest in Toronto (31%), lowest in Quebec (24%);
- using an accountant or professional service is highest in Quebec (62%) and lowest in the Atlantic provinces (50%);
- debt repayment is a priority for Canadians (28%); this number is highest in BC (34%);
- Torontonians are most likely to invest in retirement (14%), while BC residents are most likely to splurge on a vacation (7%); and
- 22% of Canadians look to family and friends for financial advice, while just 4% utilize the Internet.