Put Your Tax Refund to Work

Tax Refund

With the average Canadian tax refund at $1400, it’s tempting to spend it carelessly. However, every financial advisor, banker and mortgage broker will tell you…

STOP TREATING IT LIKE YOU FOUND IN YOUR OLD JEANS’ POCKET

A tax refund is your hard-earned money. You overpaid your income tax deductions throughout the year and you’re now receiving the money back. Instead of spending your refund on a new pair of shoes or big screen TV, here are some ways to invest in your future.

Invest in your professional development Take a course or attend a conference that will help advance your career. This is a great way to boost your income in the long run. You will always be your best investment.

Do a home renovation Investing in strategic home improvements can significantly boost the value of your home, build your net worth and transform your living space into the dream home you’ve always wanted.

Put it towards your mortgage If you have a mortgage that allows you to make additional lump sum payments without a pre-payment penalty, this might be the perfect opportunity to use that to your advantage. The more you pay now, the less you pay in interest later.

Save for a down payment on a home Instead of throwing money away on rent each month, start building equity by buying a home. Homeownership increases sustainability and stability. It allows you to invest financially and emotionally in your home and community.

Invest in your retirement If you haven’t started an RRSP, maybe it’s time. Your return might not amount to much now, but over the years your investment will grow.

Whatever you decide to do with your refund, keep in mind how hard you worked for that money, and make sure it’s working just as hard for you!

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