Many people know we are now reaching the deadline to contribute to your RRSP’s. If you are expecting a refund back from the government, that is great! It may be really tempting to take that money and go buy yourself something nice….but really what you should be doing is, apply that refund to some of your debts! Especially those with high interest rates. It will save you a lot more in payments over the next year by doing that!
Maybe you are one of the fortunate people that have paid off all of your debts. Great! Now you may think that the best thing to do, would be to go blow that money! Big screen TV’s seem like a great idea at the time… But the smartest thing to do would be to reinvest it! If you haven’t already started a TFSA, take your refund and start that up! If you are getting a good rate of return you will be happier down the road that you turned your small tax refund into a retirement nest egg!