Smart ways to spend your income tax refund

income tax refund Canada Revenue Agency

You’ve filed your taxes (or you’re planning to very soon) and you’re expecting an income tax refund. To some, this perceived windfall is a sign to go on a spending binge.

According to Canada Revenue Agency, the average income tax refund in 2017 was about $1,765. That’s about the cost of a nice all-inclusive vacation in the sunny south, some very nice dinners out, or a decent shopping spree.

If you’re getting a return, this means you’ve overpaid taxes and you’re simply getting some of that back. Stop treating your tax refund as “extra” cash. Here are some smart ways to put that tax refund to work.

Always consult your financial advisor to determine the best solution for your needs and goals.