Canadians are most likely to use their RRSP tax refund to pay of debt and strengthen their personal or household balance sheets, according to a survey conducted by TNS Canadian Facts for Scotiabank.
The survey found that Canadians would spend a third of their refund to pay down debt. About 20% of their refund would be put into a savings account, while 13% would be put into some investment.
British Columbians were most likely to put their funds into an investment and savings.
Overall, men were more likely to use their refund to pay down debt, whereas women were more likely to put the money in a savings account rather than in an investment.
The survey also found that most Canadians plan to take advantage of the various tax credits available this year. Almost half plan to use the charitable tax credit, while 38% plan to also use the home renovation tax credit. About 36% plan to use the medical expenses tax credit and 13% plan to use the transit pass tax credit or the fitness tax credit.