IG Wealth Management Tax Study: Uncertainty Around Tax Changes Means Canadians Could be Leaving Money on the Table

WINNIPEG, MB, April 14, 2025 /CNW/ - According to IG Wealth Management's (IG) annual tax season study, the majority of Canadians are not familiar with recent federal tax changes. These include annual increases to the basic personal amount and income tax brackets, repayment threshold changes to Old Age Security (OAS), and contribution limit increases for Registered Retirement Savings Plans (RRSP), Canadian Pension Plan (CPP) and Quebec Pension Plan (QPP).

There is also a general lack of familiarity with tax changes involving the ability to get earlier tax relief for donations made at the start of 2025 and all of the uncertainty surrounding the on-again, off-again capital gains inclusion rate changes. 

This lack of knowledge can impact how Canadians file their income tax returns, with many potentially missing out on key benefits, deductions and credits, along with important savings opportunities.

The study, conducted in partnership with Pollara Strategic Insights, found that:

• Just one-fifth (21 per cent) of Canadians are aware of most of the federal tax changes.
• Less than one-third (29 per cent) make it a top priority to ensure they are incorporating the latest tax changes into their tax returns.
• Only one-fifth feel very knowledgeable about the tax implications of their investments.

"Federal tax changes have a direct effect on Canadians, so it's important to keep on top of them and work with a financial professional who can help create a year-round tax strategy to take full advantage of any benefits when filing," said Damon Murchison, President and CEO at IG Wealth Management.

Working with a Financial Planner to be Tax Smart

The study also revealed that only 41 per cent of Canadians currently use a financial planner. However, the benefits of working with one are clear. For those who seek this professional support, the majority (85 per cent) say their financial planner spends time explaining the tax implications of financial decisions and has helped them be more "tax smart." Further, 78 per cent of those who use a financial planner consider the latest tax changes when filing, helping them maximize their return.

"A financial planner helps to ensure your money is working for you efficiently," said Mr. Murchison. "Canadians should seek out the support of a professional who can not only help with tax strategy, but also incorporate it as part of an integrated financial plan that addresses all dimensions of your life."

This should not be construed to be legal or tax advice, as each client's situation is different. Please consult your own legal and tax advisor.

About the Pollara Study

The Tax Planning Study was conducted by Pollara Strategic Insights, on behalf of IG Wealth Management and consisted of an online survey conducted with 1,580 adult Canadians from March 18 to 21, 2025.  Results from a random sample of this size can be considered accurate to within ±2.5%. 19 times out of 20. Results have been weighted by gender, age and region, using the latest census data, to be representative of the population as a whole.

About IG Wealth Management

Founded in 1926, IG Wealth Management ("IG") is a Canadian leader in delivering financial planning with approximately $142 billion in assets under advisement as of March 31, 2025. For more than 95 years, IG has been focused on improving the financial well-being of Canadians so they can confidently embrace all of life's possibilities. Through a network of advisors located across the country, IG provides approximately one million clients with personalized advice, comprehensive financial planning, insurance and mortgage services and professionally managed investment solutions.  IG is a member of IGM Financial Inc. (TSX: IGM), part of the Power Corporation group of companies and one of Canada's leading diversified wealth and asset management organizations with approximately $275 billion in total assets under management and advisement as of March 31, 2025. For more information, visit ig.ca.

SOURCE IG Wealth Management

English Media Inquiries - IG, Jaimie Roebuck, 647-629-2747, [email protected]; French Media Inquiries - IG, Christina Baron, 514-889-2945, [email protected]