Canada's Future Leaders Admit They're Not Good at Tax Planning, Looking for More Knowledge

Toronto, ON - Just one in ten (8%) young Canadian professionals (aged 18 to 30 who are currently attending or have completed college or university) feel they are "great" at tax planning, according to a new Ipsos Reid poll conducted on behalf of RBC. While six in ten (60%) say their skill at tax planning is "fair", one in three admit their tax-planning skills are "poor" (25%) or even "terrible" (7%).

In spite of this finding, eight in ten (80%) say that learning more about the tax-saving strategies available to them as young professionals is "important" (34% very/46% somewhat) to them. Just two in ten (20%) say it's "not important" (13% not very/7% not at all) to them.

The data also revealed that three quarters (76%) of these young professionals feel they need to start investing today for their retirement, a feeling that is particularly strong among those who expressed in learning an interest about tax-saving opportunities (82%). Among the 24% who don't feel they need to start now, one half (53%) says they'd like to start, but they can't afford it due to their current economic situation.

These are some of the findings of an Ipsos Reid poll conducted between January 29 and February 5, 2010, on behalf of RBC. For this survey, a national sample of 503 young Canadian Professionals (defined as aged 18 to 30 who have completed or are currently attending college or university) from Ipsos' Canadian online panel was interviewed online. A survey with an unweighted probability sample of this size and a 100%response rate would have an estimated margin of error of +/- 4.4 percentage points 19 times out of 20 of what the results would have been had the entire population of young adults in Canada been polled. All sample surveys and polls may be subject to other sources of error, including, but not limited to coverage error, and measurement error.

For more information on this news release, please contact:
Sean Simpson
Research Manager
Ipsos Public Affairs
(416) 572-4474
[email protected]

About Ipsos Reid

Ipsos Reid is Canada's market intelligence leader, the country's leading provider of public opinion research, and research partner for loyalty and forecasting and modelling insights. With operations in eight cities, Ipsos Reid employs more than 600 research professionals and support staff in Canada. The company has the biggest network of telephone call centres in the country, as well as the largest pre-recruited household and online panels. Ipsos Reid's marketing research and public affairs practices offer the premier suite of research vehicles in Canada, all of which provide clients with actionable and relevant information. Staffed with seasoned research consultants with extensive industry-specific backgrounds, Ipsos Reid offers syndicated information or custom solutions across key sectors of the Canadian economy, including consumer packaged goods, financial services, automotive, retail, and technology & telecommunications. Ipsos Reid is an Ipsos company, a leading global survey-based market research group.

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Ipsos is a leading global survey-based market research company, owned and managed by research professionals. Ipsos helps interpret, simulate, and anticipate the needs and responses of consumers, customers, and citizens around the world.

Member companies assess market potential and interpret market trends. They develop and build brands. They help clients build long-term relationships with their customers. They test advertising and study audience responses to various media. They measure public opinion around the globe. Ipsos member companies offer expertise in advertising, customer loyalty, marketing, media, and public affairs research, as well as forecasting, modeling, and consulting. Ipsos has a full line of custom, syndicated, omnibus, panel, and online research products and services, guided by industry experts and bolstered by advanced analytics and methodologies. The company was founded in 1975 and has been publicly traded since 1999. In 2008, Ipsos generated global revenues of e979.3 million.

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