If you thought the fear of being audited tops a list of reasons why Canadians dutifully file their income tax returns, think again.
According to the Psychology of Taxes Study conducted by BMO Nesbitt Burns, more than half of those who file their taxes do so because it's "the right thing to do."
The results of the survey, which explored why we choose to file or not file, were released Saturday.
"The fact that more than half of Canadians think that preparing and paying their taxes is the right thing to do says a lot about us as a nation," John Waters, a spokesman with BMO Nesbitt Burns, said in a statement. "Taxes fund critical government programs such as healthcare and education. The study findings suggest that Canadians are keen on doing their civic duty as citizens every tax season."
Those of us who regularly file our taxes also do it because we expect a refund or because "it gets too complicated by not filing annually," the study found.
Only 11% said they file because they fear the Canada Revenue Agency would audit them.
Canadians who do not file their income tax return regularly blamed their busy lifestyles, said they didn't know how to file or felt they do not make enough money to warrant filing taxes.
Waters warns that if you owe money to the government, "pay it promptly to avoid penalties or problems down the road.
"Conversely, if you are expecting a refund, the sooner you file the sooner you will get your refund which could be used to pay down debt or add to your savings."