The “Big Five” Canadian banks include Royal Bank of Canada, Toronto Dominion Bank (TD Canada Trust), Bank of Nova Scotia, Bank of Montreal and Canadian Imperial Bank of Commerce (CIBC). Are there other viable options?
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Do You Have the Right Taxpectations?
– ratesupermarket.ca
With the exception of accountants, I don’t think anyone enjoys tax season. But with the personal tax deadline quickly approaching on April 30th, it’s something we can’t ignore. On a positive note, 57 per cent of Canadians are anticipating to receive a tax refund, according to a recent TD survey.
Of those anticipating a refund, 61 per cent say they expect to get back to up $1,499. This may seem great at face value, but that just means we’ve given the government an interest-free loan and they’re simply returning the money.
Some people think of their tax refund as “free money” but when used effectively, that extra money can go a long way. According to those surveyed, the top three financial goals for Canadians are as follows.
Paying off credit card debt – 32 per cent
Contributing to an RRSP or TFSA – 21 per cent
Adding to their emergency fund – 28 per cent
Setting Spending Priorities
One quick note: some people try to maximize their RRSP contributions to get a bigger tax refund, but if you have credit card debt, it makes more sense to just pay that down first so you can avoid paying the insanely high interest charges…
