Two-thirds of Canadians Coping with COVID-related Tax Concerns this Yr

Working from dwelling, COVID-related authorities advantages, and second jobs among the many new areas for the 2020 tax 12 months

WINNIPEG, MB, April 15, 2021 /CNW/ – With Canadians within the means of submitting their taxes for the primary full 12 months for the reason that pandemic hit, IG Wealth Administration (IG) at the moment launched the outcomes of a research that reveals the influence COVID is having on tax submitting.

In response to the research, which was carried out by Pollara Strategic Insights for IG, virtually two-thirds (64 per cent) of Canadians are coping with pandemic-related tax submitting issues for the 2020 12 months. In reality:

  • 46 per cent of Canadians could have claims associated to working from dwelling;
  • 45 per cent want to contemplate the implications of CERB or different COVID-related authorities advantages; and
  • greater than 1 / 4 must account for taking a part-time job on their tax return because of COVID.

The research additionally discovered that, of these affected, simply one-third are strongly assured of their understanding of how these areas influence them from a taxation perspective.

Canadians Planning to File Earlier than Deadline
Extra typically, whereas 94 per cent of all Canadians reported that they’re planning to file their returns earlier than the April 30 deadline, lower than half are very assured they’re benefiting from all deductions.

“This can be a tax season like no different in latest historical past – so it isn’t stunning to see that so many people are uncertain in regards to the tax implications of COVID,” stated Damon Murchison, President & CEO, IG Wealth Administration. “It is important for each people and enterprise house owners to get a greater understanding of tax associated points in order that they will reduce taxes and make the most of all advantages accessible. In the event you’re uncertain of the best way to method issues, it is vital to hunt out the assistance of a monetary skilled.”

Mr. Murchison famous that the research additionally discovered that one-third (35 per cent) of Canadians will depend on an expert to arrange their tax return. Of those that plan to file their taxes themselves:

  • 44 per cent plan to make use of tax software program;
  • seven per cent plan to take action on paper; and
  • 13 per cent could have a pal or member of the family help them.

“To really be tax sensible – whether or not you utilize an expert or put together your return your self – you might want to make tax planning a year-round exercise and contemplate tax implications when shopping for or promoting property or investing exterior your registered accounts.  It is vital to take the time to grasp your distinctive state of affairs,” Mr. Murchison defined. “At IG Wealth Administration, our advisors take a holistic method to monetary planning that features placing an emphasis on tax planning, which we have recognized as a key wealth driver to reaching true monetary well-being.”

About IG Wealth Administration
Based in 1926, IG Wealth Administration is a nationwide chief in delivering customized monetary options to Canadians by means of a community of Consultants situated throughout Canada. Along with an unique household of mutual funds and different funding autos, IG provides a variety of different monetary companies. IG Wealth Administration has almost $107 billion in property below administration as of March 31, 2021 and is a member of the IGM Monetary Inc. (TSX: IGM) group of corporations. IGM Monetary is one among Canada’s main diversified wealth and asset administration corporations with roughly $248 billion in whole property below administration as of March 31, 2021.

In regards to the Pollara Research
This research was carried out with an internet pattern of 1,504 grownup Canadians between March 26 and 29, 2021.  Outcomes from a random pattern of this dimension may be thought-about correct to inside ±2.5 per cent, 19 occasions out of 20. Outcomes have been weighted by gender, age, and area, utilizing the newest census information, to be consultant of the Canadian inhabitants as a complete.  The place relevant, outcomes are in comparison with the same research carried out between April 4 and 9, 2019.

SOURCE IG Wealth Administration

For additional info: Media Contact: Rebecca Ellison, IGM Monetary, 647-983-4963, [email protected]


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