Many Canadians dreading tax season this year: survey
Have you been putting off doing your taxes this year?
With the deadline around the corner, a recent survey from H&R Block Canada found 60 per cent of Canadians still have yet to file.
According to the findings, 50 per cent of respondents reported that their employment or financial situation had been negatively impacted due to the pandemic.
Additionally, 37 per cent reported confusion regarding how a reduction in income in 2020 will impact their taxes, while 37 per cent don't fully understand the tax implications of claiming government benefits due to the pandemic, and 28 per cent expressed confusion regarding claiming work-from-home expenses.
Further, 44 per cent of respondents are dreading tax season this year due to the fear they owe money, and 22 per cent are concerned they won't be able to pay the amount they owe.
“There’s no doubt that this tax season is a bit of an enigma. We’re in unprecedented territory in terms of the extent of employment shifts, financial challenges, and emergency funding benefits received due to the impact of the pandemic through 2020,” Peter Bruno, president of H&R Block Canada, said in a news release.
“It’s inevitably a challenging tax year for many Canadians to navigate. What’s important is resisting the temptation to procrastinate, and to seek expert help if you are not sure how to maximise your tax return," he continued.
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