High income and property taxes continue to be seen as top threats to Canadians’ retirement security, according to new research by Investors Group.

High taxes are viewed with the greatest apprehension (46%), outstripping concerns about inflation, currency fluctuations, poor stock market returns (39%), and fear of job loss (33%).

The concern about high taxes is a consistent finding in a series of three polls conducted by Investors Group beginning September 2008. High income and property taxes are seen as the number one threats to retirement security, with 45% of respondents citing taxes in September, dipping to 40% in October, before jumping to 46% in the recent survey conducted in early March.

“Taxes can have a significant impact on investors whether saving for retirement or in later years when living on fixed income,” said Jack Courtney, assistant vice president, advanced financial planning at Investors Group. “It pays to employ tax saving strategies that can help cut tax bills in future years or help mitigate the impact of taxes when withdrawing from investments.”

“Every dollar saved is a dollar earned, and this is especially true during times like this,” Courtney said. “A professional planner can recommend tax-efficient strategies that will ultimately put more money in your pocket and leave less for the taxman.”

Survey responses were collected through teleVox, Harris/Decima’s national telephone omnibus survey. These data were gathered between March 5 and March 8. In total, 1,012 interviews were completed. A sample of the same size has a margin of error of 3.1%, 19 times out of 20. The margin of error is larger for specific regions and demographics.

IE