Of the Ninety-four percent of Canadians who file their taxes each year, more than half (52%) say they do it because it’s “the right thing to do,” according to BMO Nesbitt Burns’ Psychology of Taxes Study.

“Taxes fund critical government programs such as healthcare and education. The study findings suggest that Canadians are keen on doing their civic duty as citizens every tax season,” says John Waters, vice president, head of tax and estate planning, wealth planning group, BMO Nesbitt Burns.

The study highlighted other reasons why Canadians regularly file their taxes, including:

  • They expect a refund (28%)
  • It gets too complicated by not filing annually (22%)
  • Fear of getting audited (11%)

The study also examined the reasons why Canadians do not file their income tax return regularly:

  • One-quarter (24%) report they are too busy
  • 20% say they do not know how to file their taxes
  • 17% feel they do not make enough money to warrant filing taxes

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