In light of the upcoming tax season, TNS Canadian Facts for Scotiabank has conducted a study asking investment decision-makers how they would allocate a hypothetical $1,000 tax refund.
The results showed the average Canadian would use a third of it to pay off debt ($336), while an equal proportion (33 per cent) would be put into a savings account ($196) or into investments ($129).
Four out of five of those surveyed indicate they have or plan to take advantage of available tax credits this year. A total of 49 per cent of respondents said they would take advantage of the charitable tax credit, with 38 per cent using the home renovation tax credit and 36 per cent for the medical expenses tax credit.
The study also found that while males and females give priority to paying off debt, women are significantly more likely to deposit money into a savings account rather than investing it ($233 vs. $91), while men are evenly split between saving and investing ($164 and $160 respectively).
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