Canadians’ understanding of their paycheque

Over one in ten Canadians say they have a good understanding of their income tax bracket and how much should be deducted for tax purposes on each pay slip.

Just slightly less than that, 9% of Canadians say they feel confident that they would notice an error when it comes to tax deductions on their paycheques. This inevitably means that Canadians would also be challenged to review their T4s to ensure accuracy of tax deductions when it comes time to file their taxes.

While there is a lack of Canada-specific data on this, H&R Block cited a global survey from international talent management company, Remote, showing just over half of employees said they had experienced a payroll issue in their career.

The most common mistake among those that had experienced an issue was they were underpaid, and the second most common mistake was incorrect deductions.

Unexpected vet bills don’t have to break the bank

Spot Pet Insurance offers coverage for treatment of accidents, illnesses, prescriptions drugs, emergency care and more.

Plus, their preventative care plan covers things like routine check-ups, microchip implantation, and vaccinations, if you want to give your pet the all-star treatment while you protect your bank account.

Get A Quote

Time for tax season

When filing their taxes, while 65% of Canadians believe they'll get a refund this year (of which 35% anticipate they will get the same or bigger refund than prior years), a significant number of Canadians say they have no idea whether they'll get a refund or owe money.

Separately, 37% don't feel confident in knowing how to leverage all available tax credits and benefits they may be eligible for, to maximize their refund.

"Filing taxes is both a great way to save money and put money back in your pocket – in the form of a tax refund and access to credits and benefits," said Lemay. "There are a lot of changes this tax season that benefit Canadians.”

Survey methodology

The survey was conducted by H&R Block in French and English from Feb. 12 to 13, among a nationally representative sample of 1,790 Canadians members of the Angus Reid Forum

Sponsored

Trade Smarter, Today

Build your own investment portfolio with the CIBC Investor's Edge online and mobile trading platform and enjoy low commissions. Get started today!

Nicholas completed his master's in journalism and communications at Western University. Since then, he's worked as a reporter at the Financial Post, Healthing.ca, Sustainable Biz Canada and more. Aside from reporting, he also has experience in web production, social media management, photography and video production. His work can also be found in the Toronto Star, Yahoo Finance Canada, Electric Autonomy Canada and Exclaim among others.

Explore the latest articles

Trump says USA doesn't need Canadian imports

The president is demanding respect from other nations, claiming Canada has been “very tough to deal with over the years”

David Saric Associate Editor, Money.ca

Disclaimer

The content provided on Money.ca is information to help users become financially literate. It is neither tax nor legal advice, is not intended to be relied upon as a forecast, research or investment advice, and is not a recommendation, offer or solicitation to buy or sell any securities or to adopt any investment strategy. Tax, investment and all other decisions should be made, as appropriate, only with guidance from a qualified professional. We make no representation or warranty of any kind, either express or implied, with respect to the data provided, the timeliness thereof, the results to be obtained by the use thereof or any other matter. Advertisers are not responsible for the content of this site, including any editorials or reviews that may appear on this site. For complete and current information on any advertiser product, please visit their website.

†Terms and Conditions apply.