This week we’re excited to introduce Snippets: a short take on financial decisions and current affairs of our day to day. Long posts are great but let’s face it, we can only read so many and we can only write so much while juggling full time jobs and our personal lives. We do want, however, to offer a window into the decisions we make. Whether you agree, disagree or have advice to share, let us know if we’re doing it right or if it can be done better. Either way, do enjoy.
A recent survey conducted by Tangerine discovered that 59% of Canadians expect to receive a tax refund this year. BMO Nesbitt Burns gathers that 37% will use the refund to pay down non mortgage debt while 28% will choose to save it or invest.
We received a sizeable refund this year; over six thousand dollars, thanks to daycare credits and RRSP contributions. We’re throwing most of it into one of our TFSAs, to max out a 2014 contribution room. One down, another $5500 to go.
Are you getting a tax refund? What are you going to do with it?