March 22, 2013 09:00 ET
- 63 per cent of Canadians unfamiliar with how dividend income is taxed; 58 per cent unfamiliar on how capital gains are taxed - Strategies involving charitable donations, RRSPs, and TFSAs are among the many ways Canadians can reduce their overall tax bill
- 63 per cent of Canadians unfamiliar with how dividend income is taxed; 58 per cent unfamiliar on how capital gains are taxed
- Strategies involving charitable donations, RRSPs, and TFSAs are among the many ways Canadians can reduce their overall tax bill
TORONTO, ONTARIO--(Marketwire - March 22, 2013) - As Canadians prepare their 2012 personal income tax returns, BMO Nesbitt Burns encourages them to review carefully the tax implications on income generated by their investments, including adopting strategies on how to save on investment taxes paid.
According to a BMO Nesbitt Burns study, many Canadians are not familiar with the tax implications of earning investment income, including:
"It's important not only to think about how your investments will fit with your financial goals, but also how they will affect your taxes," said John Waters, Vice President, Head of Tax & Estate Planning, Wealth Planning Group, BMO Nesbitt Burns. "The taxation of investment income can have an impact on net returns. However there are a variety of tax-saving strategies that can help Canadians save money now and down the road. Be sure to investigate the options and plan accordingly."
BMO Nesbitt Burns offers the following strategies to save taxes on investments and capital gains:
For more information on BMO Nesbitt Burns and investing, please visit: www.bmo.com/nesbittburns.
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