Canadians won’t blow their tax refunds
The deadline for filing taxes has past and for many Canadians, that means a refund cheque from the government is on its way. Last year, the Canadian Revenue Agency said that the average refund was $1,400. A BMO Nesbitt Burns survey says that nearly half (48 percent) of Canadians will be putting their refund towards paying credit card debt and other bills.
The Leger Marketing survey also found that:
- Twenty-one per cent of Canadians are planning to invest their refunds in RRSPs and TFSAs
- Fifteen per cent are planning on using their refunds for home renovations or household expenses
- Twelve per cent will be using their refunds for travel and/or leisure items
- Only four per cent of Canadians plan to use their refunds to pay down their mortgage
Are you receiving a refund? What are your plans with the money? Let us know by emailing comments@ilstv.com or calling our toll-free comments line at 1-877-703-2713.
