Dad, do my taxes

Kids often rely on the bank of mom and dad, but a new survey reveals more than one-third of millennials also rely on parents to help do their taxes.

With tax time right around the corner, a recent ORC International Survey found 37 per cent of millennials rely on their parents to provide reminders or guidance on tax returns, do their tax returns for them, or let them use their accountant. 

The survey was conducted in the United States, but anecdotal evidence suggests young Canadians are not much different.

“While it’s a natural instinct to trust parents or DIY tax software providers on tax-related issues, Americans of all ages would be better served to do careful homework about preparing their own taxes online before choosing a provider,” said Sanjay Baskaran, president of TaxAct.

The survey found millennial men are more likely to ask for help. 

Forty-four per cent of men said they get help from parents to get taxes done, compared to 31 per cent of women.

That's consistent with the larger percentage of men who get assistance with cellphone and cable bills, rent, insurance and car payments. 

And, despite the fact a big refund amounts giving the taxman an interest-free loan all year, 61 per cent still prefer to receive a big refund at tax time.