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What Will You Spend Your Tax Return On?


I see it online, I hear people talking about it - everyone is talking about what they are going to spend their tax return on. I even see commercials on TV and ads on the internet of shopping outlets advertising their "Tax Return sales".

Now what you should spend your tax return on?

If you currently have consumer debt (credit card, line of credit, loan, etc), then using your tax return to help pay down the debt is the best choice!

The second choice will be to either invest into RSPs or TSFAs (or 401k if you're from the USA).

The third choice is if you have a mortgage to pay a lump sum to help bring down your mortgage.

The last choice in our opinion is to go out and spend the money, unless you are in dire need of something such as a home repair, car repair or something of that nature.

Another option is to take a small percentage, such as 10% and use that to buy yourself something nice or go out for a nice meal and use the rest to either put towards paying off debt or to put towards your future.

If you did not get a refund and you owe money, sorry to hear! Start investing into RSP's now as it will help you for your tax return next year!

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