Tax Refund: Responsible or Reckless?
According to the Canada Revenue Agency, the average Canadian will receive a refund of $1,400. What are you planning on doing with your refund – are you going the responsible route or going to Vegas?
Personally, I used mine to pay off some debt, but I’d rather have gone to Vegas.
According to a survey conducted for the Bank of Montreal, I wasn’t the only Canadian taking the fiscally responsible high road with my return as:
- 48 per cent said that they would use their refund to pay down credit card or other debt
- 21 per cent planned to put money towards investments
- 15 per cent are going to use the money for home renovation projects
- 4 per cent are anticipating using the money to pay down their mortgage.
Only 12 per cent anticipated using the money to go on a trip or for leisure items.
Now that we’re well into May, you’ve filed your taxes haven’t you? If you haven’t, what are you waiting for?
