Many Canadians do not have a year-round strategy for their taxes, leaving them with suboptimal returns, according to a new study.
showed 22 per cent of respondents indicated that they make tax planning a priority over the course of the year.“Everyone who pays taxes can benefit from year-round tax planning as part of their larger financial plan, especially these days given the cost-of-living crisis and a higher interest rate environment,” Damon Murchison, the president and chief executive officer at IG Wealth Management, said in a news release.
“Making tax planning a regular activity can help reduce your overall tax bill and help you take advantage of all available tax deductions and credits, allowing you to keep more of your income in your own pocket,” Murchison said. Other findings included the fact that 85 per cent of those surveyed believed a tax refund is beneficial, with 60 per cent saying they work toward increasing their return each year.
“A tax refund means too much tax was collected from you over the course of the year. Although it might feel nice to receive that money after you’ve filed, you have lost out on interest, investment, and spending opportunities throughout the year,” he said. Additionally, CRA said a tax refund could also occur if an individual is entitled to refundable tax credits.
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