A recent CIBC poll finds that almost half (44 per cent) of Canadians who have received a tax refund plan on using their windfall to pay off credit cards, debt or bills rather than saving or investing it.
Key findings of the poll include:
Of the 54 per cent of Canadians expecting a refund this year, more than one in five (22 per cent) plan to use the refund to reduce high-interest debt like credit cards;
An almost equal number (21 per cent) don't know what to do with it; and,
Just 10 per cent plan to save or invest the funds.
"A tax refund isn't really a windfall," says Jamie Golombek, Managing Director, Tax and Estate Planning, CIBC. "It's simply a sign that you've been lending your hard-earned money to the government and now you're getting your own money back, interest-free. It's time Canadians reevaluate how they think about refunds."
By Jamie Henry
About Me
- Jackie Goodlet, Broker
- GTA, Ontario, Canada
- A New Sales Record Has Been Achieved By The Jackie Goodlet Team Who Work Out Of The Whitby Office And Specializes In High End Resale And New Home Sales. According To Broker Dave Pearce The Jackie Goodlet Team Wrote More Transactions Than Anyone Else In The 30 Year History Of Our Firm. Their 255 Transactions Had A Total Volume Of More Than $185,000,000 (185 Million). With Over 25 Years Experience In The Business The Jackie Goodlet Team Has Acquired A Wealth Of Knowledge In All Areas Of Real Estate Including Resale, New Builds, Cottages, Lease, Condos, Vacant Land, Investment And Commercial Properties. With Exceptional Negotiating Skills We Are Confident We Can Save You Time And Money On All Your Real Estate Endeavours. We Look Forward To Hearing From You And Your Referrals Are Always Welcome And Rewarded!
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