ARTICLE · 12 JUNE 2023

Don't Fear The Tax Plan

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For many Canadians, receiving a tax refund can be a welcome financial windfall.

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For many Canadians, receiving a tax refund can be a welcome financial windfall.

While it may be tempting to splurge on a shopping spree or a holiday, there are several options to help you get financially ahead for you to consider.

Here are five money smart choices you can make with your tax refund:

1. PAY OFF DEBT

Consumer debt topped 2.4 trillion dollars in the fourth quarter of 2022, according to Equifax. Younger Canadians especially are relying on credit to make ends meet amidst high inflation.

If you have outstanding debt, consider using your tax refund to pay it off. Not only will this help you reduce interest charges and improve your credit score, it will also provide a sense of financial freedom and reduce stress.

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