Waiting for tax time? New survey shows more Canadians are relying on refunds Mar 26th

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Waiting for tax time? New survey shows more Canadians are relying on refunds

– moneysense.ca

What people plan to do with their tax refund gives a tiny glimpse into the economy as a whole, which is why EQ Bank recently released its survey on how Canadians are approaching tax season this year.

Spoiler alert: It’s been a rocky few years with inflation and a high cost of living, so it’s no surprise that household finances have taken a hit. We’ll look more closely at the survey responses to see how Canadians are allocating their refunds.

Tax refunds are becoming a financial lifeline for Canadians

When household budgets are doing well, people might be more likely to spend their refunds on things like dining out, entertainment, or travel. When times are tight, money tends to go towards everyday expenses. It’s telling that EQ’s survey found that only 9% of people are planning to spend their refund on non-essential purchases.

The survey went on to reveal that over a third (36%) of people are counting more on the money they get from their refund this year. That number jumps to 42% for Canadians between the ages of 18 and 34, who might not have a large emergency fund to fall back on…

Continue Reading On moneysense.ca »

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