This is another in a regular series on information for advisors intended to help them better understand their clients and possibly open up new niche markets to them.

It is based on data gleaned from the RTS consumer survey conducted by BBM Canada, a Toronto-based not-for-profit, industry-owned and -run broadcast audience research organization. BBM Canada conducts the bi-annual RTS survey with a sample size of more than 60,000 respondents, providing detailed insight into the consumer preferences of Canadians across a spectrum of industries including financial, banking and e-commerce. Today’s “factoid” is taken from the most current (fall 2003/spring 2004) BBM RTS release.

Canadians who use a tax preparation services are less familiar with technology, and have less savings than the national average.

According to a recent RTS survey, 2.7 million Canadians (10%) employed a tax preparation service for their most recent tax return.

58% of those who hired tax preparation services are between 25 and 54 years old; 20% are aged 65 or older.

Quebec (4%) had the lowest incidence of tax preparation service hiring (only region below the national average). Atlantic, on the other hand, had the highest incidence (16%).

Tax preparation service users are unfamiliar or with limited technology access:

  • <69% have computer at home (79% national average);
  • 92% have never bought personal or tax related software packages; and
  • During the past seven days, they spent three hours on the internet. Nationally, people spent four hours on average.

The average value of personal savings and investments among those who hired tax preparation services is $47,400, considerable lower compared to the national average value ($61,700).

53% of Canadians who used a tax preparation service have RRSPs, while only 7% maximized their RRSP last return. Both rates below the national averages.

TV (90%), radio (83%) and daily newspaper (55%) are their top three media for yesterday exposure.

News/Talk (18%) adult contemporary (16%), and Country (14%) are their favorite radio formats (weekly reach).

Movies (68%), news/current affairs (64%) and documentaries (45%) are their top television shows watched in an average week.