Mortgage News
Canadians using their tax refunds to tackle debt
Most Canadians who received income tax refunds plan to use the money to save the money or pay down their debt, according to a recent survey.
Published
By now, most Canadians have either received their tax refunds or know how much they expect to receive - so where is all of this money going? For many, that "found" money will go towards their debt.
According to a recent survey, 28% of Canadians plan on using their tax refund this year to reduce their debt load and strengthen finances, while 18% intend to put it towards savings or retirement.
Another recent survey showed that 50% of Canadians have reduced their debt somewhat in the past year.