Poll shows Canadians are unaware of new tax laws and credits that could
impact their tax returns for the better
CALGARY, Feb. 6 /CNW/ - According to a recent poll conducted on behalf of
H&R Block Canada Inc., two-thirds (68 percent) of Canadians are unaware of any
new tax credits or tax cuts for 2007.
The poll of 2,032 Canadians, conducted by Environics Research Group
showed that only six percent of Canadians were aware of the personal tax
exemption increase to $9,600. This is the amount of money that Canadians can
earn before paying any income tax. A mere one percent of Canadians knew of the
retroactive reduction of the marginal tax rate.
"The retroactive reduction of the marginal tax rate and increase of the
personal exemption amount could mean significant savings for many Canadians at
tax time," says Cleo Hamel, Senior Tax Analyst, H&R Block Canada Inc. "For
example, if your taxable income is more than $37,178, the change in the tax
rate will mean a tax savings of $186 and likely a refund."
For the average Canadian family with two young children, the new tax laws
and changes could mean between $500-$600 in tax savings - and possibly more.
"The new tax laws and changes impact just about every Canadian taxpayer -
from families to seniors to singles," Hamel explains. "Understanding the
changes and how they could affect your return is important if you want don't
want to pay the government more money than absolutely necessary."
Nine percent of Canadians identified the GST cut as one of the tax
changes followed by the increased personal exemption (six percent), the
Children's Fitness Credit (four percent) and the Child Tax Credit (three
percent). Five percent knew there were some changes but could not specify what
This Canadian public opinion poll was conducted by Environics Research
Limited, from December 12, 2007 - January 3, 2008 and surveyed 2,032
Canadians. A survey of this size yields results that can be considered
accurate to within + or - 2.2 percent, nineteen times out of twenty.
About H&R Block Canada
H&R Block Canada prepares nearly two million tax returns annually, making
it Canada's leading tax preparation firm. Headquartered in Calgary, Alberta,
the company serves Canadian taxpayers in more than 950 offices across the
country. H&R Block Canada Inc. is a subsidiary of H&R Block, Inc., a
diversified company with subsidiaries providing a wide range of financial
products and services. Additional information about H&R Block Canada is
available at 1-800-HRBLOCK or visit www.hrblock.ca for more tax tips.
For further information:
For further information: Tina Quelch, Calador Communications, (416)