There is a great need among Canada’s young professionals for advice on tax savings strategies, suggests a poll released Thursday.

Just 8% of young Canadian professionals aged 18-30 who are currently attending or have completed college or university feel they are great at tax planning, according to the RBC Tax Planning Poll.

However, 80% of respondents believe that learning about tax saving strategies is important, indicating a demand for advice to help young professionals build a strong financial foundation as they kick start their careers.

“While tax planning may not be the most interesting thing to learn about, having a few simple tax saving strategies in place can help ensure a maximum return,” says Lee Anne Davies, head, retirement strategies, RBC.

“Every dollar counts and keeping more money in your pocket can help you focus on your current financial priorities while preparing for the future.”

Seventy-six per cent of young professionals surveyed feel the need to start investing for their retirement, more so among those who are also interested in learning more about tax planning (82%), further underscoring an interest in accessible advice on tax and financial planning strategies.

Of the 24% who do not currently feel the need to start investing for retirement, half of the respondents would like to start, but say they can’t due to their current economic situation.

“Balancing current financial responsibilities and savings goals can be challenging, but starting with small steps now can make a big difference in your future,” says Davies.

The RBC Tax Planning omnibus was conducted by Ipsos Reid between January 29 and February 5, 2010. This online survey of 503 young Canadian professionals, between the ages of 18-30 and who are currently attending or have completed college or university, was conducted via the Ipsos I-Say Online Panel, Ipsos Reid’s national online panel.

IE