Confidence runs high for the 90% of Canadians who say their 2013 tax returns will take advantage of all tax deductions, credits and savings available to them, finds a survey by BMO Nesbitt Burns.
Moreover, 70% plan to file their taxes before the April 30 deadline, with 25% having already filed.
Read: Quick tax tips for seniors
Taxpayers are most aware of how their income is taxed generally (77%) and the tax implications of contributing to a Registered Retirement Savings Plan (75%).
However, they’re less confident of their understanding how investments are taxed: 41% are familiar with taxes on capital gains and dividend income.
Read: 7 handy tax return tips from Golombek
What are Canadians planning to do with their refunds?
- 37% will cover household bills
- 28% will save or invest
- 13% will fund vacations or purchase leisure items.
- 11% will do home renovations.
- Less than 10% will pay down their mortgages.
- 3% will donate to charitable causes.
Read: Don’t make estate administration mistakes
Regional Breakdown:
| Region | % who plan to file their taxes before April 30 | % who feel confident about their return | % who plan to use their tax return to pay household bills |
| 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.