The 2009 tax filing deadline has arrived, and about half of Canadians expect to use their refund towards paying credit card debt and other bills, a recent survey shows.
The survey commissioned by BMO Nesbitt Burns, and conducted by Leger Marketing, also found that 21% 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, while 12% plan to use their refunds for travel and/or leisure items.
Only 4% of Canadians plan to use their refunds to pay down their mortgage.
According to the Canada Revenue Agency, the average tax refund received last year was approximately $1,400.
“There are several good uses for your tax refund. How you use it depends on your personal situation,” said John Waters, manager of tax planning at BMO Nesbitt Burns.
IE
One-fifth of Canadians plan to invest their tax refund: survey
Paying down debt and investing are higher priorities than travel, leisure
- By: IE Staff
- April 30, 2010 October 31, 2019
- 08:55