From side hustles to crypto, tax season is getting more complicated for younger Canadians
TORONTO, ON (April 20, 2026) – New Vividata data suggests tax season is highlighting uneven access to Canada’s key tax-saving tools, particularly among newcomers. While 84 per cent of Canadians aged 18+ personally hold investments or savings outside their principal dwelling, not all are equally positioned to optimize them.
“What stands out in this data is that many newer Canadians are participating financially, but they are not yet using key tools like RRSPs and TFSAs to the same degree,” said Pat Pellegrini, President and CEO of Vividata. “That points to a gap in how people are connecting to Canada’s financial system.”
Most Canadians remain financially engaged, with the average value of investments and savings held outside the principal residence rising to $171,181 from $163,829 year over year. At the same time, the data shows sharp differences in who is using the tools that can make tax season work harder for them.
Newcomers are participating financially, but many are still learning the system
Among Canadians who have been in the country for between two and five years, 15.1 per cent said they sought tax planning and optimization strategies in the past year, above the national average of 10.6 per cent. Yet only 30.6 per cent of that group personally have an RRSP and 29.8 per cent have a TFSA. For Canadians in the country less than two years, those figures fall to 23.9 per cent for RRSPs and 25.9 per cent for TFSAs. Canadians who have been in the country for more than 10 years are much more likely to hold those registered accounts, with 39.8 per cent reporting they have an RRSP and 43.3 per cent reporting they have a TFSA.
Nearly half of Canadians who have been in the country for two to five years say they seek financial advice from family and friends, 60.5 per cent are actively looking for opportunities to earn income beyond their regular job, and 47.3 per cent say they find investing and personal finance interesting and know a lot about it. The findings suggest many newcomers are motivated to build wealth but may still be learning how to fully use Canada’s registered savings system.
Younger Canadians are bringing side hustles, digital investing and crypto into tax season
Overall, 53.7 per cent of Canadians say they have a second or third source of income. That rises to 67.0 per cent among those aged 18 to 24 and 68.9 per cent among those aged 25 to 34. Among Canadians aged 25 to 34, 16.4 per cent say they freelance or consult, 15.1 per cent are starting a side business or e-commerce store, and 12.6 per cent participate in the gig economy.
Younger Canadians are also much more likely to use newer investing channels and products. Nearly one in four Canadians aged 25 to 34 report using online investments in the past six months, and 29.6 per cent say they personally own, trade, mine or use crypto, compared with 16.1 per cent of Canadians overall. Yet uptake of registered savings products remains lower, with just 14.9 per cent of Canadians aged 18 to 24 reporting they have an RRSP and 22.2 per cent reporting they have a TFSA.
Among Canadians aged 25 to 34, 58.1 per cent say they are actively looking for opportunities to earn income beyond their regular job, and 50.2 per cent say they seek financial advice from family and friends. At the same time, only 38.5 per cent of Canadians aged 18 to 24 say they are very good at managing money.
“Younger adults are entering tax season with much more than a simple employment return,” Pellegrini added. “For many, it now includes multiple sources of income, digital platforms, newer forms of investing and a very different relationship with money than older generations had at the same age.”
Men, women and regions are approaching saving and investing differently
Men are more likely than women to say they personally hold investments or savings outside their principal dwelling, at 86.7 per cent versus 81.2 per cent. They are also more likely to report recent use of online investments, at 22.7 per cent versus 11.2 per cent, and to say they personally own, trade, mine or use crypto, at 21.0 per cent versus 11.4 per cent. Men are nearly twice as likely as women to say they personally have stocks or bonds, at 22.5 per cent versus 11.7 per cent.
Regionally, Atlantic Canada trails the national average on several measures. Just 75.6 per cent of adults in Atlantic Canada say they personally hold investments or savings outside their principal dwelling, compared with 83.9 per cent nationally. British Columbia leads the country on TFSA ownership at 43.7 per cent, while the Prairies post some of the strongest figures for stocks and bonds ownership and tax planning advice-seeking.
The findings are drawn from Vividata’s SCC | Study of the Canadian Consumer Winter 2026, the country’s largest syndicated study of consumer behaviour and media habits, surveying more than 75,000 Canadians annually across 100,000+ variables.
About Vividata
Vividata is Canada’s authoritative source for insights on cross-media and consumer behaviour, delivering Unmatched Insights. Smarter Decisions. As the country’s leading provider of cross-platform audience measurement, Vividata surveys offer the most complete view of how people live, shop, and consume media. A not-for-profit governed by industry leaders, Vividata reinvests in innovation to provide unmatched, privacy-first insights. Its flagship SCC | Study of the Canadian Consumer is the largest syndicated study in Canada, complemented by solutions like Spatial, Relevance, and Metrica, along with specialized multicultural, sports, and brand affinity reports.
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Andrew Findlater
SELECT Public Relations
(647) 444-1197
