With the 2010 tax deadline upon us, BMO Harris Private Banking released the results of a survey revealing that more than half (56 per cent) of Canadians will do the responsible thing this year and use their refunds either to pay bills and credit card balances or invest.

 -- Men are more likely than women to use their tax refund to invest in a Registered Retired Savings Plan (24 per cent versus 17 per cent)
-- Most Canadians (64 per cent) agree that social benefits payments should be delivered through their tax return (this includes fitness credits and child care benefits)
-- Older respondents are more in favour of simplifying the tax system, reducing capital gains and adding more tax incentives for home ownership/renovations 

The online survey was conducted by Leger Marketing from March 28 - March 31, 2011, with 1501 Canadian adults.

Contacts: Martha McInnis Toronto 416-867-3996 martha.mcinnis@bmo.com Sarah Bensadoun Montreal 514-877-8224 sarah.bensadoun@bmo.com Laurie Grant Vancouver 604-665-7596 laurie.grant@bmo.comThe study also found that an overwhelming majority of Canadians (95 per cent) plan to file their tax returns either before or by the April 30th deadline.How would Canadians change the tax system?The study, conducted by Leger Marketing, also examines Canadians' views on the current tax system, including changes they would like to see in the future. For example:Ms. Plant points out that having a financial plan in place that incorporates effective tax planning and management will help ensure investors are maximizing their financial returns and avoiding costly fines and unwanted surprises come tax time."This tax season, it's all about doing the responsible thing," said Sara Plant, Vice-President and National Director, Wealth Services BMO Harris Private Banking. "These results really speak to the character of Canadians and the importance they place on financial responsibility."

Other key findings from the survey include: -- Men are more likely than women to use their tax refund to invest in a Registered Retired Savings Plan (24 per cent versus 17 per cent) -- Most Canadians (64 per cent) agree that social benefits payments should be delivered through their tax return (this includes fitness credits and child care benefits) -- Older respondents are more in favour of simplifying the tax system, reducing capital gains and adding more tax incentives for home ownership/renovations

The online survey was conducted by Leger Marketing from March 28 - March 31, 2011, with 1501 Canadian adults.

Contacts: Martha McInnis Toronto 416-867-3996 martha.mcinnis@bmo.com Sarah Bensadoun Montreal 514-877-8224 sarah.bensadoun@bmo.com Laurie Grant Vancouver 604-665-7596 laurie.grant@bmo.com