Advisor.ca | How Canadians will use their tax refunds
Canadians who expect to get a tax refund (62%) say they will deposit or reinvest it (33%), pay off debt (20%) or pay bills (11%), according to a Scotiabank survey conducted by Harris/Decima.
This year, however, significantly fewer Canadians plan to use their tax refund to pay off debt (20% vs. 34% in 2012), while 11% of Canadians will use it to pay bills (up from 1% in 2012). Meanwhile, more people said they will use their tax refund to contribute to their RRSPs/RSPs (4% vs. <1% in 2012)
Other survey highlights:
- Using tax refunds for a vacation increased this year (7% vs. 5% in 2012), while shopping went down (5% vs. 10% in 2012)
- Women (7%) are more likely than men (2%) to put their tax refund toward RRSPs/RSPs
- Canadians aged 65+ (42%) are more likely to not expect a tax refund than younger Canadians.