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April 16, 2014 at 07:40 AM
With the April 15 U.S. tax deadline now past, a new study reveals that 51 percent of Canadians regularly seek tax-smart options when considering new investments.
BMO Nesbitt Burns published this finding in a summary of results from an online survey of 1,007 Canadians. Conducted by Pollara, the study also finds that most Canadians say they are lack knowledge about the tax treatment of certain types of investment income that can reduce their tax liability. For instance:
- 59 percent are unsure how capital gains are taxed; and
- 59 percent are uncertain how dividend income is treated from a tax perspective.
“One of the reasons why people don’t seek out tax efficient investing solutions may very well be because many don’t fully understand how investments are taxed,” says John Waters, vice-president, head of tax & estate planning, BMO Nesbitt Burns. “Being aware of how investments are affected by taxes is the first step to being tax smart with your portfolio, and can be crucial in maximizing your overall return.”
