Now is a great time for you to reach out to new and existing clients as people struggle to file their best-possible returns
Who doesn’t love April? Spring has arrived, brighter times are ahead, and it’s time to file tax returns!
For many Canadians, the annual filing season is a confusing one and a new poll suggests that they are missing out on deductions as a result.
IG Wealth Management’s survey of more than 1,500 adults by Pollara found that 94% expect to file their returns ahead of the April 30 deadline. But less than half are confident that they will be taking advantage of all the deductions they are entitled to.
This year, almost two thirds of tax return filers will need to account for pandemic-related matters such as claims related to working from home, implications of CERB or other government benefits, or a part-time job.
Even with the extra complications for returns, just 35% of respondents said a professional will prepare their return for them. Among those doing it themselves, four in ten will use tax software and 13% will call on a friend or family for help.
Year-round planning
Damon Murchison, president & CEO of IG Wealth Management, said that preparing tax returns should not be confined to the weeks ahead of the annual filing deadline.
“To truly be tax smart – whether you use a professional or prepare your return yourself – you need to make tax planning a year-round activity and consider tax implications when buying or selling property or investing outside your registered accounts,” he said.
