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