The top plan for using the windfall is for paying down credit card debt (32 per cent) followed by contributing to their RRSP or TFSA or adding to their emergency fund. Others intend to use the cash to add to their mortgage downpayment fund.
Linda MacKay, VP of savings and investment at TD says that many Canadians, regardless of life stage, have multiple financial priorities that often compete – for example, saving for the future and paying down debt – but that prioritizing one or two maximizes tax refunds.
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More than half of Canadians told a mortgage lenders’ survey that they are expecting to receive a tax rebate this year. TD’s poll found that 57 per cent believe they are due some cash back and most (61 per cent) expect up to $1,499.