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Study: The Epidemic Affects Tax Returns

Study: The Epidemic Affects Tax Returns

Government aid granted during the pandemic has implications for 2020 income tax returns for 58% of Quebecers and 64% of Canadians.

Also read: All the developments of the epidemic

This is illustrated by a study by Pollara Strategy Insights on behalf of IG Wealth Management whose data was published Thursday.

Consequently, nearly three in five Quebecers must consider the tax consequences related to COVID-19.

The results show that 36% of Quebecers would claim a work-from-home tax deduction compared to 46% of Canadians.

More than a third of Peel County citizens will have to declare income related to Canadian Contingency Benefits (ECP) compared to 45% of Canadians.

Two out of five Quebecers who have had to take a second job during the health crisis will have to take this into account for their 2020 taxes. Across Canada, there is more than 25% in this situation.

Barely a third of respondents believe they have a good understanding of the tax implications of the pandemic.

The IC Wealth Management study also reports that 97% of Quebecers intend to file their tax returns before the April 30 deadline, compared to 94% of Canadians. Half of them will entrust all of their paperwork to a specialist compared to 35% of Canadians.

Finally, 43% of those surveyed said they would benefit from all the deductions compared to less than half of Canadians.

“There has never been a tax period in contemporary history like the current one.” Damon Murchison, President and CEO of IG Wealth Management, said, “It is not surprising that many of us do not know the tax implications of COVID.”

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“It is imperative that individuals and business owners better understand the tax issues so that they can lower their taxes and take full advantage of all the tax benefits they are entitled to. If you are not sure how to do this, it is important to seek help from a professional,” he added. .

Also see Restrictions in Quebec, Levis and Gatineau