Canadians confused when filing taxes

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.

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“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.

Read: Top ways students can save tax 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.

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