Survey Shows Canadians Lack Financial Confidence

MONTREAL, March 18, 2014 /CNW/ - A national survey commissioned by Thomson Reuters, makers of UFile tax software, has found that more Canadians than ever (56 per cent) are dependent on an accountant or professional service to complete their tax return and look to professionals for financial advice (42 per cent). Canadians cite confusion and time restrictions among the most common sentiments toward filing their tax return.

"Filing your annual tax return shouldn't have to be a burden," said Malcolm Campbell, VP Professional & Consumer Software & Services, Thomson Reuters Canada. "Many Canadians aren't taking advantage of the opportunity in front of them when it comes to controlling their finances."

Affordable tax software is within reach for all Canadians when they use UFile, with software starting as low as $15.95 and many free options available for dependents, students, first-time filers, simple returns, low-income taxpayers and taxpayers with a Guaranteed Income Supplement. With UFile's max back guarantee, Canadians can rest assured that their return will be correct and provide the maximum refund available.

"Canadians need to be an advocate for their own personal finances - tax season is a perfect opportunity to do financial review," said Campbell. "Using reputable tax software, such as UFile, enables Canadians to take ownership of their financial future."

Additional survey findings include:

  • Just over 1/4 of Canadians (28 per cent) plan to use tax software to complete their return this year.
    • This number is highest in Toronto (31 per cent), lowest in Quebec (24 per cent).
  • More than half of respondents (56 per cent) plan to use an accountant or professional service to file their tax return this year, a seven per cent increase from 2013 results (49 per cent).
    • Utilizing an accountant or professional service is highest in Quebec (62 per cent) and lowest in the Atlantic provinces (50 per cent).
  • Debt repayment is a priority for Canadians (28 per cent), up just one per cent from 2013*.
    • This number is highest among Canadians in BC (34 per cent), especially Vancouver (37 per cent).
  • Respondents from Toronto are most likely to invest in retirement (14 per cent), while BC residents are most likely to splurge on a vacation (seven per cent).
  • Canadians are split on their feeling towards tax filing: 40 per cent like it, 53 per cent do not, and seven per cent aren't sure.
  • Approximately 1/4 of Canadians (22 per cent) look to family and friends for financial advice, while just four per cent utilize the Internet.

For a full list of survey results, please visit: https://www.dropbox.com/sh/um5y1kblcb8utnz/g5d_-9s2hm

About the Survey
This report presents the findings of a Research House telephone survey conducted among a national random sample of 1,021 adults comprising 511 males and 510 females 18 years of age and older, living in Canada. The margin of error for a sample of this size is +/- 3.10%, 19 times out of 20.

Interviewing for this Research House National Telephone Omnibus Survey was completed during the period: February 12 - 17, 2014.

About UFile tax Software
UFile is the consumer tax program from Thomson Reuters, located in Montreal, Quebec. It is a leading provider of tax preparation products and has served the professional tax community with personal and corporate tax products for more than 20 years. UFile products include UFile ONLINE (online tax software), UFile for Windows and UFile PRO.  For more information, please visit www.ufile.ca.

* Note to Editors:  The 2013 report referenced is from poll data collected by Research House on behalf of Dr Tax Software February 7 - 11, 2013.


SOURCE UFile

For further information:

Morgan Cadenhead     
MAVERICK  for UFile
(416) 640-5525 ext. 240
morganc@wearemaverick.com    

Sylvain Fortin 
Thomson Reuters
(514) 359-8211
s.fortin@thomsonreuters.com