Canadians are taking steps to improve their finances and keep more of their money, but many continue to miss out on tax credits, according to a recent poll commissioned by H&R Block Canada.

Of more than 1,000 Canadians surveyed by Angus Reid Public Opinion in December, 86% said they have taken at least one step to improve their financial situation in the last six months.

Shopping less for non-essential items, waiting for sales, eating out less and cutting household expenses are some of the ways Canadians have changed their spending habits in the last six months. And many appear to be looking for other ways to keep more of their money.

“After a year of economic uncertainty, Canadians are being more careful with their money and they want to protect what they have earned through the year,” says Cleo Hamel of the tax advisory team at H&R Block Canada.

But when it comes to claiming tax credits and breaks, Canadians are still missing out. Only 35% of taxpayers plan to make a Registered Retirement Savings Plan (RRSP) contribution and 26% have opened a Tax Free Savings Account. A mere 5% of 18-34 year-olds said they are claiming the First Time Homebuyers Credit.

“Any Canadian who had employment income in 2009 is entitled to the Canada Employment Credit but only 8% of taxpayers surveyed said they are going to claim it,” Hamel explains.

But it appears that this trend may change. More than half of the taxpayers surveyed said they are more likely to research possible tax deductions or credits on their 2009 tax return.

Twenty-two per cent of Canadians said they planned to ask a tax professional to make sure they were claiming all their tax credits and deductions. Three in 10 taxpayers said they trust the tax software they are using to point out the credits and deductions to claim.

“You don’t want to pay the government more tax than you have to and this year taxpayers seem to want help to maximize their return,” said Hamel.

She noted that nearly two thirds of respondents said they would be willing to have a tax professional take a second look at previous returns to find missed deductions or credits if the service was free.